Financial Commission Posts 10% Increase in New Complaints in 1Q 2022
The Financial Commission has announced increases in new filed and resolved complaints, as well as amounts sought from broker members as part of its quarterly Complaints Digest. The organization also experienced a slight uptick ini already swift average dispute resolution times, with a 6.3 days average for the quarter.
Key highlights for 1Q 2022:
Newly filed complaints increased 10% to 938
Resolved complaints rose 3% to 875 QoQ
Compensation sought from broker members rose 57% to $2,433,523
Compensation awarded to traders decreased to $39.918
Financial related complaints jumped 40% to 209
The average resolution time slowed to 6.3 days
Key Takeaways
A healthy uptick in newly filed complaints for 1Q 2022 with 938
Decrease in the amount of compensation sought by 25% QoQ to $3,352,298
Decrease in the total amount awarded to traders by 50% to $39,918
Significant rise in complaints valued at $10K or more rose significantly at 70%
Complaints resolved in 6.3 days on average, evidencing a 5% quarterly slowdown
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