Financial Commission Saw 32% Increase in New Resolved Complaints in September

The Financial Commission, a leading independent external dispute resolution (EDR) organization for the retail trading industry, has reported the amounts of submitted complaints and other key metrics for September 2021.

According to the results, the commission saw new filed complaints increase 27% on a month-to-month basis to 312 in September. And the resolved complaints during the period increased to 320, which is 33% up compared to the last month.

In addition, the Financial Commission saw the compensation sought by traders jumped 273% to $2,769,244 in September, while the compensation awarded to traders decreased to $27,938. The average value of complaints filed in September was almost 2x higher than August at $8,875.

However, the average resolution time in September was 9.4 days, which is a 24% slowdown compared to last month's 7.6 days. At the same time, complaints valued up to $100 made up over 42% of all complaints in September, while complaints valued between $1K and $10K+ accounted for over 23% of all new filed complaints.

“Increases in new filed and resolved complaints suggest traders are continuing to try and take advantage of market opportunities with the Dispute Resolution Committee (DRC) continuing to process a larger number of complaints than previous months,”the commission concluded.

Earlier, the Financial Commission announced that it has withdrawn the membership of 4xCube​, an online trading broker based in Cook Island.