The Financial Commission (FinaCom), an independent self-regulatory compliance specialist for the financial services industry, has released its 2015 annual report, which highlighted its statistics, regulatory efforts, and appointments during the calendar year, according to a FinaCom statement.
The Financial Commission exists as an industry-focused dispute resolution service, with its Dispute Resolution Committee (DRC) acting as its paramount regulatory body. The DRC is staffed by executives from leading companies in the financial services industry with the aim of resolving trader-broker conflicts.
The group has seen a number of key additions to its membership, including most recently EQTrades (G.E.B. Global Equity Brokers Belize Limited) and Forex Club. This has collectively brought FinaCom’s membership to fifteen members.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
In terms of statistics, FinaCom had a total of 64 complaints filed against members in 2015, along with 29 complaints levied against non-members. Of these, the maximum complaint was $40,482 with the minimum being just $27.00.
Overall, the number of complaints has increased 60.0% YoY, which includes an 18.0% YoY jump in the proportion of complains that escalated to the group’s Arbitration Committee. Of the complaints, 82 of them were related to forex, with the remaining 11 being relegated to binary options – 73 of these complaints (78.5%) were resolved through the group’s DRC process, while 15 lacked sufficient evidence to proceed to a final resolution.
In other news, FinaCom’s DRC appointed a few key additions to its diverse and skilled panel, including Maor Lahav – COO and co-founder of Panda Trading Systems this past August and Kristina Nettles, Vice President of Integral Development Corp in December.
According to Peter Tatarnikov, Chairman of FinaCom in a recent statement on the annual report: “We are pleased to report a successful 2015 in our annual report, and as the value that Financial Commission brings to the online brokerage industry has proven to be of great importance to companies and their clients, and as evidenced by our expanded membership growth.”
“Over the last few years the Financial Commission has evolved from a core mission statement and set of standards, to provide the online trading community with a specialized and reliable alternative dispute resolution platform, and since then our fitness has strengthened to process complaints and handle membership needs and certifications more efficiently and effectively. We’ve achieved a reliable and robust organizational structure and look forward to an already promising 2016,” he added.