The Financial Commission (FinCom), a self-regulatory organization in the financial services industry, announced the expulsion of forex and contracts for differences (CFDs) broker, Bold Prime, from its membership.
Financial Commission Expels Bold Prime
The press release shared with Finance Magnates detailed that the broker's expulsion as a FinCom member came following "numerous failures to comply with the Financial Commission's Rules & Guidelines." However, it did not provide any other specific details.
Bold Prime offers trading services with margin forex and other contracts for differences (CFDs) instruments of other asset classes. It is headquartered in Australia and operates with a license obtained from the local financial market supervisor, ASIC . In addition, the broker offers services globally with a license from the Financial Services Commission of Mauritius (FSC).
It became a member of the Financial Commission in August 2022, meaning the expulsion came within a few months.
Clients of FinCom members receive deposit protection of up to €20,000, which the self-regulator's compensation fund will cover. Additionally, the broker will benefit from other services like third-party mediation in case of clients disputes.
"As a result of the expulsion, The Financial Commission will not be able to process any new complaints from Bold Prime clients', and such clients will also not be eligible for reimbursement from the organization's Compensation Fund, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by our Dispute Resolution Committee," the press release stated.
Financial Commission Has Strict Guidelines
Earlier, the self-regulatory body stripped the membership status of IdealFX, Fiber Markets, LordFX, and EGMarkets, while GANN Markets voluntarily withdrew its membership.
Meanwhile, FinCom continues to onboard new members. It recently added ThreeTrader and Vida Markets as members. The organization has attracted dozens of small and large brokers as members, including Pepperstone, Exness, RoboMarkets, Alpari, IC Markets, and many more. It provides membership to several blockchain platforms, technology providers, investment platform providers, and even education providers.
