FinaCom’s Annual Report Shows Higher Proportion of Resolutions in 2015
- Over 78% of complaints brought to the group's Dispute Resolution Committee were resolved in 2015, helping reconcile broker-trader conflicts.
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.
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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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Club. This has collectively brought FinaCom’s membership to fifteen members.
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.
Peter Tatarnikov, Chairman, Financial Commission
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 Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term 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.
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.
Test your knowledge, win a prize! Take the Finance Magnates quiz...
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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Club. This has collectively brought FinaCom’s membership to fifteen members.
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.
Peter Tatarnikov, Chairman, Financial Commission
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 Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term 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.