A self-regulatory organization in the financial services field, The Financial Commission (FinCom) expelled FX and CFDs broker, Fiber Markets from its membership.
The decision to delist the broker from the commission was arrived at following a fierce evaluation of the entity, and findings of contract breach were detected.
The center of the situation discloses repeated violations of the membership agreements. More indicatively, the broker defaulted to remit the membership fee assigned.
“To maintain membership with the Financial Commission, member firms must strictly adhere to membership rules, and all members agree to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing,” the official announcement of FinCom noted.
As a consequence of expulsion, the broker will miss services rendered by Fincom, including enjoying Protection Fund. In addition, the self-regulatory organization will not process any new complaints from the broker’s clients, who at long last will not benefit from the regulator’s compensation fund.
Fincom acts as a third-party mediator between the broker and the client in case a dispute arises. The regulator offers members a wide range of services, including a backed compensation fund as well as the facility to grant broker’s client a protection fund of up to €20,000.
At the start of 2022, LordFX and EGMarkets were expelled from the commission for what was termed as contract violation. On the ither hand, GANN Markets withdrew from the commission for different disagreements.
Apparently, Fincom has attracted several big and small brokers to the firm. The rate of belonging to the Commission is gaining momentum every dawn. Just to mention, Pepperstone, Fullerton Markets, Inveslo, and Agra Markets are among the brokers that joined the Commission this year.
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