The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announced on Tuesday that the membership status of GANN Markets has ceased following a withdrawal.
According to the press release shared with Finance Magnates, following GANN Markets' withdrawal from the Financial Commission, FinCom will not be able to process any new complaints. The Financial Commission formally terminated GANN Markets' membership on 29 April when its membership was effectively withdrawn.
Additionally, GANN Markets' clients will not qualify for reimbursements from the Financial Commission's compensation fund as non-members, as the compensation fund is only available to clients of members approved by the Financial Commission, and is subject to a decision of the FinCom's Dispute Resolution Committee. Financial Commission membership dues are used to fund a compensation fund designed to offer members' client protection in exceptional circumstances.
Agra Markets Membership
In March, FinCom announced that Agra Markets is the latest approved member of the organization. As reported by Finance Magnates, there is increasing interest and demand for independent external dispute resolution services in the forex industry. The approved status of Agra Markets took effect starting 29 March, following the approval of its membership application by FinCom.
This means that any company and its customers could access a wide range of services and membership benefits, including, but not limited to, protection for up to EUR 20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
“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, 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 Financial Commission noted.
