Latest forex broker news – FX industry self-regulatory body The Financial Commission has announced Fxview is its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organisation, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Other forex brokers that are members of the commission include the likes of Samtrade and CFD brokers such as Libertex.
In a press release for the announcement the Commission states: “Fxview status as an Approved Broker Members of the Financial Commission took effect on July 6 2021, following the approval of its membership application by the Financial Commission, thus allowing the companies and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.”
A sort of insurance scheme for members’ clients
The fund only kicks in if a broker member refuses to abide by a judgement of the disputes committee and refuses to pay compensation. In this way it acts as a sort of insurance back-stop for members’ clients, but of course lacks the regulatory backing of a government-run insurance and compensation scheme.
Forex Crunch was unable to establish how much the fund has paid out to complainants over the past year, or how many complaints have been resolved through the Commission.
The Financial Commission aims to provide brokerages and their customers with an unbiased third-party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
Broker complaints resolution and platform certification
Consumers and traders can direct complaints about member brokers to the organisation to seek dispute resolution and compensation. The Commission also provides certification for trading technology platforms. The Commission has a board of directors and a dispute resolution committee and covers forex, contracts for difference and other derivatives products.
For approved members and their clients participating in CFDs, foreign exchange and cryptocurrency markets, the Financial Commission claims it helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Fxview joins a range of brokerages and service providers that utilise the services of the Financial Commission as part of their commitment to fair and transparent service offerings to their clients. Forex broker Fxview has clients in 25 countries.
If you are looking for forex brokers by country then check out our guides to the brokers in various countries by clicking the link.
Financial Commission is an initiative by sections of the forex industry to address the prevalence of fraud and non-compliance with regulations that plagues the sector. The Commission was set up by Finacom plc, which is based in Hong Kong.
Looking to trade forex now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Share
