Fullerton Markets joins the Financial Commission, LordFX expelled

The Financial Commission revealed earlier this week that Fullerton Markets is the latest online brokerage to join the Commission’s ranks as a member. The company has joined the self-regulatory organization, underlining the growing demand for independent external dispute resolution (EDR) services among FX industry participants.

The addition of Fullerton Markets as an approved broker member, which took effect on 22 August, follows the approval of its membership application by the Financial Commission. This allows the companies and its customers access to a wide range of services and membership benefits such as protection for up to €20,000 per client, backed by the commission’s Compensation Fund.

The broker members and their customers benefit from an unbiased 3rd party mediation platform that helps resolve complaints in such cases when parties are unable to directly come to an agreement over disputes.

The approved members and their clients trading in CFDs, forex, and cryptocurrency, the Financial Commission helps facilitate a simpler and quicker resolution process than through typical regulatory channels such as arbitration or local court systems.

Fullerton Markets has joined a diverse group of brokerages and independent service providers (ISPs) that use the services provided by the Financial Commission.

Meanwhile, the external dispute resolution (EDR) organization announced that it has expelled LordFX from membership in the organization. The Financial Commission stated that the reason is a breach of contractual obligations.

One of the prerequisites for initial membership approval in the Financial Commission is adhering and complying with the organisation’s rules.

The Commission revealed that LordFX was expelled from membership on 10 August “due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues.”

As a result of the expulsion, LordFX clients will not be to take advantage of reimbursements from the Financial Commission’s compensation fund.

Furthermore, since LordFX  is no longer a member, the Financial Commission will not be processing any new complaints from LordFX clients.

Financial Commission stated:

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 in order for membership to be maintained.