The Financial Commission, the self-regulatory association for forex, derivatives, and cryptocurrency brokers and their clients, recently published its annual report for 2017. Compared to the previous year, it registered growth in all its areas of activity.
According to the report, a total of 13 new members were approved by Financial Commission last year, a 75% increase YoY. Additionally, four fintech providers were certified, bringing the total number of members to 44.
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The number of complaints filed increased by 463%, from 165 to 764. At the same time the average time taken to resolve complaints improved by 7%. There were 629 complaints filed against members of Financial Commission, or 82.3% of the total. Complaints filed against non-members increased to 135, or 17.6% of all complaints.
The total amount of compensation awarded last year increased to $1,564,700, an almost 1000% rise YoY from $157,326 in 2016. The largest amount awarded for a singly complaint was $846,200, compared to $57,199 in 2016.
Throughout the year, Financial Commission issued warned regarding clone firms, and issued a warning list to help the public avoid online scams. Increased attention was paid to the technology sector. The technology certification unit was expanded with the launch of Financial Commission’s ICO Certification service to address the increased demand from technology providers to use blockchain technology to conduct initial coin offerings related to their fintech offerings. Financial Commission also launched the Education Certification Service for providers of education-related technology.
In the closing remarks of the report, Peter Tatarnikov, Chairman of Financial Commission, said: “We look forward to continuing to roll out our new range of services to help the new and existing members, including technology certification services to non-members. Members that become approved show their customer their willingness to be open and transparent and, Financial Commission will stand by both sides in cases where a complaint is filed through our EDR system, and with the aim to bring it to resolution fairly and swiftly.”