Financial Commission Expels Fiber Markets as a Member for Contract Breach

The Financial Commission (FinCom), a self-regulatory organization in the financial services space, announced on Friday the expulsion of FX and CFDs broker, Fiber Markets from its membership, citing a breach of contract. The decision became effective on 7 September 2022.

Additionally, FinCom detailed that there were repeated violations of the membership agreements by the broker specific to the payment of membership dues.

“In order to maintain membership with the Financial Commission, member firms must strictly adhere to membership rules and all members agree to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing,” the official announcement of FinCom stated.

A Self-Regulator

FinCom operates as a self-regulatory organization, offering members a wide range of services and benefits. Its acts as a third-party mediator in case of any dispute between a member broker and its clients.

Further, a FinCom membership offers fund protection of up to €20,000 per client, which is backed by the Financial Commission’s Compensation Fund.

With the expulsion of Fiber Markets, FinCom will cease offering its services to Fiber Markets. In addition, it clarified that it will not process any new complaints from Fiber Markets’ clients, who will not be eligible for reimbursement from the Financial Commission’s compensation fund.

Earlier this year, FinCom expelled LordFX and EGMarkets from being its members for violation of rules and guidelines. GANN Markets, on the other hand, chose to withdraw its membership.

Meanwhile, several big and small brokerage names are becoming FinCom members. Some of the brokers that became FinCom members this year are Fullerton Markets, Pepperstone, Agra Markets and Inveslo.