August 5th, 2020, The Financial Commission announces its operating metrics for the month of July 2020 as part of its monthly Complaints Digest. The organization experienced a slowdown in new complaints as traders headed into the summer months and market volatility slowed. The organization achieved another month of growth in some key metrics as well as a slowdown in others, while its key metric of dispute resolution times improved significantly month over month.
Key monthly highlights for July 2020:
- New complaints down 22% to 137 total for the month
- Compensation sought from non-members up 240% MoM to $214K
- Total compensation sought by traders $470,306
- Trading related complaints increased 6% MoM
- Average resolution time improved by 25% down to record 5.14 days
Month Over Month Comparison
Key Takeaways
- The Commission saw a slowdown in newly filed complaints in July 2020 to 137, which represents a 22% decrease month over month
- The amount of compensation sought by traders totaled $470,306 in July as traders wound down previous traders headed into the summer
- Traders of non-member brokers sought 244% more compensation for a total of $214,906, as compared to June 2020
- The average value of complaints filed in July fell to $3,314, but still remained elevated as compared to previous historic data
- Complaints in July were resolved in a record 5.14 days on average, a 25% improvement from the previous month
Conclusions
The Financial Commission continues to effectively resolve traders’ disputes and public inquiries in a difficult environment as the Covid-19 pandemic continues to impact the globe. Established traders look to be winding down trading positions heading into the summer months, while new traders continue to be interested in trading Forex and CFD, as indicated by the number of new complaints received and processed. The Dispute Resolution Committee witnessed a rise in trading related complaints, which increased by 6% in July as compared to June. Meanwhile, a slowing influx of new complaints amid continued operational efficiencies was attributed to a record average resolution time, which improved 25% to a record 5.14 days from 6.9 days overall for all complaints resolved in July 2020.
About Financial Commission
Founded in 2013, the Financial Commission is a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages, exchanges and Blockchain firms that participate in global foreign exchange (forex), derivatives, CFD and digital asset markets.
The Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms.
For more information please contact us at contact@financialcommission.com.co.
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