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.
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.
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.
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.
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.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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