Financial Commission Saw 17% Increase in New Resolved Complaints in 1H 2021

The Financial Commission, a leading independent external dispute resolution (EDR) organization for the retail trading industry, has released its operating metrics for the first half of 2021.

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According to the latest report, the Financial Commission made progress across some of its key business drivers. Specifically, the number of new complaints resolved reached 772, increasing 17% compared to the same period in 2020. And complaints were resolved in 7.2 days on average, which is 3% quicker than the same period in 2020, yet still comfortably quicker than other organizations tasked with dispute resolution in the FX & CFD markets.

The organization saw the compensation sought by traders declined 19% to $5.9 million, while the compensation sought from non-members up 217% to $4.5 million.

In addition, the total amount awarded to traders reached $125,339, decreasing 90% year-over-year. The average value of complaints for the first half of 2021 fell to $7,642 in part due to several high-value cases brought in 1H 2020.

The agency commented:”The Financial Commission continues to effectively resolve traders’ disputes and public inquiries during continued elevated trader and broker activity around the world. Continued interest in trading opportunities in global markets has resulted in more demand for trading services among broker members, who have adapted their internal dispute resolution (IDR) processes to the influx of new traders seen in 2020 and, as such, have led to the reduction of compensation amounts sought from their trades. “

Last week, the Financial Commission announced that it has approved Fxview, a leading financial services and CFD broker to obtain its membership​.