Fullerton Markets, a forex and contract for difference (CFD) broker, has become a member of the Financial Commission (FinCom), a forex industry-focused external dispute resolution (EDR) organization.
The broker’s approved membership status took effect on Monday following the approval by the Commission.
The Financial Commission announced Fullerton’s approved broker member status on Tuesday in a statement shared with Finance Magnates.
With the approval, the self-regulatory organization explained, Fullerton Markets and its customers can now access a wide range of its services and membership benefits.
One of the benefits, FinCom said, is protection for up to €20,000 from its Compensaton Fund based on the submitted complaint.
The Commission explained: “The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
“For approved members and their clients participating in CFDs, 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.”
Recent Developments in FinCom
Since the beginning of this year, FinCom has welcomed at least three forex and CFD brokers to its organization.
It welcomed Pepperstone in June, Agra Markets in March and forex industry newcomer Inveslo in February.
Top broker Exness and IC Markets have also joined the organization, the former in July and the latter in November.
However, in April, FinCom expelled financial trading services provider, EGMarkets, from its organization “due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues.”
Meanwhile, forex and CFD broker GANN Markets withdrew its membership of FinCom in April, ceasing its access to the organization's EDR services and Compensation Fund.
The cause of the withdrawal was not stated.
