The Financial Commission (FinCom), a self-regulatory organization in the financial services space, announced the addition of TMGM as the newest approved broker member, which became effective on September 22.
TMGM is a major brokerage name, especially in the APAC region. It is regulated in Australia, New Zealand and also Vanuatu for its global operations.
The Australia-headquartered broker has joined some of the other big brokerage brands like Pepperstone, Exness, RoboMarkets, Alpari, IC Markets and many more to become a member of the self-regulatory organization.
According to FinCom’s website, it has 42 forex and contracts for differences (CFDs) brokers as members, that include Alpari and Alpari International, two sister brands. In addition, it has provided membership to several blockchain platforms, technology providers, investment platform providers and even education providers.
A Self-Regulator in the Retail Brokerage Industry
As FinCom members, brokers and their customers receive a wider range of services and benefits. However, the most sought is fund protection of up to €20,000 for every customer, which is backed by the Financial Commission’s Compensation Fund. This provides security to global brokerage clients whose funds are not protected under the compensation schemes provided by several top regulators, like the FCA and CySEC.
Furthermore, FinCom works as a third-party mediator for any dispute between any of the member brokers and its clients.
“For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems,” the press release shared with Finance Magnates stated.
Meanwhile, FinCom is very strict with its membership rules and expelled several brands recently. Fiber Markets, LordFX, and EGMarkets were stripped of their membership status earlier this year due to a violation of rules and guidelines. GANN Markets, on the other hand, chose to withdraw its membership.
