Financial Commission Withdraws Membership of EGMarkets

The Financial Commission, a leading independent external dispute resolution (EDR) organization for the retail trading industry, announced that it has withdrawn the membership of EGMarkets, effective from April 13th, 2022.

According to the press release, EGMarkets were expelled from membership with the commission due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues.  

Furthermore, EGMarkets clients will not be eligible for reimbursement from the Financial Commission's compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by Dispute Resolution Committee.

The Financial Commission notes that it will not be able to process any new complaints from EGMarkets clients', following its expulsion from the Financial Commission as of the date of this announcement and moving forward.

"As Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings where a firm's integrity and adherence to rules must be strictly upheld in order for membership to be maintained,"the commission highlighted.