Financial Commission Posts 80% Increase in 2021 Complaints

The Financial Commission has announced the results of its operations for the previous year with the publication of the 2021 Complaints Summary. The organization achieved record annual growth in key metrics, as well as continued membership expansion during another challenging year impacted by the Covid-19 pandemic while maintaining a quick and efficient average dispute resolution time.

New records set in 2021

• A record 2405 complaints filed – 80% increase YoY

• A record $14.8M sought by all traders – 35% increase YoY

Other key metrics & accomplishments in 2021

• ​$10.6M sought from nonmember brokers – 279% growth YoY

• ​3% YoY increase in complaints ruled in favor of traders

• ​$6,537 average complaints value –  26% decline YoY

• 7.1 days average dispute resolution time – 1% increase from 2020

Key Takeaways

• ​The Commission experienced another record-setting year in 2021 with traders submitting a record number of complaints and seeking a record amount of compensation while awarding a smaller amount of compensation to traders and resolving disputes in just 7.1 days on average

• ​The organization expanded its international presence by 19% as compared to 2020 with the addition of 12 new approved broker members to its membership ranks and certifications of 2 collective investment platform providers and a new education provider.

• ​New partnerships were formed with fintech providers, including Delkos RAZR and Your Bourse as part of Value-added services for broker members.

• ​The organization also provided members with the opportunity to enhance business practices by partnering with GetID and FinWizard HR consultants.