LordFX Losses  Financial Commission Benefits

A big blow hit LordFX brokerage after receiving a termination letter from the Financial Commission due to a breach of contract. The brokerage met the termination whip after violating the membership rules and regulations.

The brokerage will not be in a position to receive compensation from the Financial Commission. In addition, LordFX clients will not be able to enjoy the services earlier experienced, including, the processing of their complaints.

‘As Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings where a firm’s integrity and adherence to rules must be strictly upheld for membership to be maintained.’ Financial Commission noted in a statement.

Ideally, Financial Commission gets mistaken as a regulatory body rather than a firm that settles disputes arising between the broker and the clients. IC Markets, IG Markets, and RoboForex belong to the common brokerages embraced in the firm.

Lately, Fullerton Markets joined Financial Commission. The Company is distinguished among the few brokers that offer deposits and withdrawals in cryptocurrencies.

Unwinding The Cases

The recent quarterly report from the Financial Commission shows that the number of new complaints between clients and brokers has taken a sharp rise of 10% quarter over quarter.

Among the disputes raised include the withdrawals complaints which take 40% of value. Complaints over $10,000 which stands among the variable category rose by 70% in the first 3 months of 2022.

The successfully resolved complaints increased by 3% compared to the previous quarter.