Financial Commission terminated LordFX’s license for violating the membership agreement. Additionally, the broker has broken several other rules and guidelines. Therefore, LordFX clients are no longer qualified for compensation from the Financial Commission. The commission will no longer process new complaints from LordFX clients.
The Financial Commission issued the following statement on its website.
‘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.’
The Financial Commission is not a regulator but offers a conflict resolution service for brokers and customers. Some popular forex brokers, such as IG Markets, IC Markets, and RoboForex, are members of the Financial Commission.
The Financial Commission includes firms like Fullerton Markets, which has recently joined. Fullerton is one of the several brokers who provide cryptocurrency deposits and withdrawals.
Withdrawal-Related Complaints on the Rise
The latest Financial Commission quarterly report showed that the number of new complaints against brokers increased by 10% from the previous quarter.
There has been a dramatic increase in withdrawal disputes, with claims rising by 40%. Even more alarming is that complaints over $10,000 have shot up 70% since early this year. The number of complaints the commission resolved successfully rose by 3% compared to the previous quarter.