Abstract：FinaCom, the Financial Commission, the External Dispute Resolution (EDR) body, presented its 2022 annual report. According to the study, FinaCom established multiple new records for consumer complaints in the previous year.
January 25, 2023 - FinaCom, the Financial Commission, the External Dispute Resolution (EDR) body, presented its 2022 annual report. According to the study, FinaCom established multiple new records for consumer complaints in the previous year.
FinaCom received 3,026 complaints last year, a 26% rise from the previous year. Of these complaints, 98%, or 2,968, were successfully addressed, marking a 27% increase in complaint resolution; 42% of resolved complaints were settled “in favor of the broker,” 16% in favor of the customer, and 52% were outside of the FSC's jurisdiction. The average time to address each complaint was 5.6 days, the shortest period since the program's commencement in 2013.
The bulk of complaints, 57.9%, were about non-trading concerns, with financial complaints accounting for 28.8% and trading complaints accounting for 13.3%. The most common complaints were about accounting blocking (29%), money withdrawal (19%), and price checks (14%), but there were also concerns about platform faults, stop-out orders, agreement violations, and bonus policy.
The quantities involved in the complaints vary, although the majority of complaints concerned amounts less than $99, accounting for around 41%; the number of complaints above $10,000 was fewer than 250. The average cost of a complaint was $4,348, representing a 33% drop from the previous year.
Furthermore, FinaCom said that their free dispute resolution service is popular in Asia, Latin America, and Europe, with new complaints from these countries increasing by 47%, 38%, and 30%, respectively. Middle Eastern complaints increased by 15%. Due to local market constraints, complaints from Russia and the former Soviet countries declined by 38%.
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