The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, confirmed today that it has expelled the financial trading services provider, EGMarkets from membership in the organization.
The Financial Commission noted that it took the step after EGMarkets breached contractual obligations. According to the external dispute resolution organization, the clients of EGMarkets will not be eligible for reimbursement from its compensation fund. Moreover, Financial Commission will not be able to process any new complaints from the clients of EGMarkets.
“Effective April 13th, 2022, EGMarkets were expelled from membership with the Financial 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 our Dispute Resolution Committee,” Financial Commission noted.
In the recent announcement, the Financial Commission highlighted that it is important for its members to comply with membership rules.
Membership
In the past 12 months, some of the leading names in the global financial brokerage industry joined the Financial Commission as members. In July 2021, Exness joined the Financial Commission as a member. Additionally, IC Markets became a member of the Financial Commission in November last year.
“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 Financial Commission added.
