The Financial Commission (FinCom), a self-regulatory organization in the financial services space, has announced on Monday that it ended the membership status EGMarkets due to a breach of contractual status.
That said, clients of the broker won’t be eligible for reimbursement from Financial Commission’s compensation fund as a non-member since clients approved by the Commission can only use the compensation fund.
“The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by the Financial Commission from a portion of membership dues. Financial Commission notes that it will not be able to process any new complaints from EGMarkets clients following its expulsion from the Financial Commission as of the date of this announcement and moving forward,” FinCom commented.
The Commission reminded the following: “In order to maintain membership with the Financial Commission, member firms must strictly adhere to membership rules, and all members agreed to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing.”
InvestIo Membership
Last month, FinCom announced that it had added Inveslo as a newly patvirtintas member. Inveslo is a new name in the forex and contracts for differences (CFDs) industry that came into existence last year. The broker, registered and licensed in Kazakhstan, was founded by industry veteran Farrukh Adeeb, formerly the Business Head at FXTM.
As a FinCom member, Inveslo will receive a wide range of services and benefits. Still, the most important one is fund protection of up to €20,000 per client, which the Financial Commission’s Compensation Fund backs.
Over the years, demand for FinCom’s services exploded as many big broker brands like IC Markets and Exness joined the self-regulatory organization as members. Furthermore, it highlighted the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
The Financial Commission (FinCom), a self-regulatory organization in the financial services space, has announced on Monday that it ended the membership status EGMarkets due to a breach of contractual status.
That said, clients of the broker won’t be eligible for reimbursement from Financial Commission’s compensation fund as a non-member since clients approved by the Commission can only use the compensation fund.
“The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by the Financial Commission from a portion of membership dues. Financial Commission notes that it will not be able to process any new complaints from EGMarkets clients following its expulsion from the Financial Commission as of the date of this announcement and moving forward,” FinCom commented.
The Commission reminded the following: “In order to maintain membership with the Financial Commission, member firms must strictly adhere to membership rules, and all members agreed to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing.”
InvestIo Membership
Last month, FinCom announced that it had added Inveslo as a newly patvirtintas member. Inveslo is a new name in the forex and contracts for differences (CFDs) industry that came into existence last year. The broker, registered and licensed in Kazakhstan, was founded by industry veteran Farrukh Adeeb, formerly the Business Head at FXTM.
As a FinCom member, Inveslo will receive a wide range of services and benefits. Still, the most important one is fund protection of up to €20,000 per client, which the Financial Commission’s Compensation Fund backs.
Over the years, demand for FinCom’s services exploded as many big broker brands like IC Markets and Exness joined the self-regulatory organization as members. Furthermore, it highlighted the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Source: https://www.financemagnates.com/forex/financial-commission-revokes-egmarkets-membership-status/