The Financial Commission (FinaCom PLC), an industry-specific dispute resolution service that caters to the financial services industry, today announced that it has approved NPBFX to upgrade its membership status to Category A effective October 6th 2016, according to a FinaCom statement.
NPBFX Limited had originally joined Financial Commission’s diverse range of existing online brokerages and independent services providers as a category B member back in November 2015.
The company is authorized and regulated by the International Financial Services Commission (IFSC) of Belize as a financial services provider, offering a wide range of trading services and technologies.
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Following the acceptance of its application by FinaCom PLC, NPBFX has obtained A-Category Membership which guarantees that clients are under the protection of an international organization and that the services provided to them are of high quality and comply with the standards of the Commission.
All clients of a company that is a member of the Financial Commission are protected by the compensation fund which acts as an insurance policy. More specifically, traders of a company with the A-Category membership can be eligible for compensation of up to $20,000 per complaint, as well as having access to all dispute resolution services offered by the Commission.
Financial Commission is an external dispute resolution organisation which is supported by the Dispute Resolution Committee (DRC), which in turn is comprised of recognized industry professionals. FinaCom is an independent international service that guarantees honest and timely resolution of any disputes with the aim of resolving trader-broker conflicts.
The operator of FinancialCommission.org serves the online foreign exchange, binary options industry and independent technology providers. As part of the review process, the commission has established a detailed list of points to verify covering system security, capacity, business disaster recovery, and continuity plans, as well as reporting and record keeping, among other fields deemed important for the certification.
According to Financial Commission Chairman Peter Tatarnikov in a recent statement on the membership upgrade: “We are pleased to announce NPBFX has upgraded its membership with the Financial Commission from Category B to Category A status.”
“Category A members and their clients are provided a broader range of benefits and upgrading from Category B is often a natural progression for firms as they expand or as a larger number their clients utilize the services of the Financial Commission,” he added.