The Financial Commission (FinCom) has granted membership to EBC Financial Group, an online brokerage firm based in London. EBC joins a growing number of brokers and independent service providers that utilize the services of the commission. The approval took effect on July 5, according to a statement issued by the company.

EBC is a brokerage company regulated by the Financial Conduct Authority (FCA) in the UK. Additionally, the company is regulated by the Australian Securities and Investments Commission (ASIC ). It has a presence in London, Tokyo, Sydney, Singapore, Hong Kong, Kuala Lumpur, and Bangkok.

About FinCom

FinCom is an independent third-party dispute resolution organization. The entity resolves disputes between traders and brokerage companies in the course of conducting businesses, such as foreign exchange, CFDs, derivatives services, and cryptocurrency trading.

Among the services provided by FinCom is the protection of up to EUR €20,000 per complaint submitted by the members, which is backed by the commission's compensation fund. Currently, the organization has more than 40 members, including Pepperstone, DLS, Exness, and Deriv.

FinCom Expands Membership

In July, Finance Magnates reported that FinCom had granted membership to DLS, a multi-asset brokerage company. DLS provides a range of financial instruments, including CFDs for currency pairs, energies, commodities, and indices. Last year, FinCom granted its membership to Vantage, a Sydney-based multi-asset broker.

However, in the past, FinCom suspended some members for allegedly failing to comply with some of its regulations. Some of the brokers that have been suspended by the commission are LordFX, Gann Markets, and BalansFX. Once a broker is removed from the commission, they forfeit their access to the compensation fund.

"As a result of the expulsion, the Financial Commission will not be able to reimburse using the organization's compensation fund since clients of approved members can only use the compensation fund and is subject to the ruling of our dispute committee," FinCom explained in May regarding some of its suspended members.