Financial Commission Expels EGMarkets from Membership

The decision is effective from 13 April 2022.

According to Financial Commission, EGMarkets breached contractual obligations.

Financial Commission noted that it took the step after EGMarkets breached contractual obligations. According to the external dispute resolution organization, the clients of EGMarkets will not be eligible for reimbursement from its compensation fund. Moreover, Financial Commission will not be able to process any new complaints from the clients of EGMarkets.

“Effective April 13th, 2022, EGMarkets were expelled from membership with the Financial Commission due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues. Furthermore, EGMarkets clients will not be eligible for reimbursement from the Financial Commissions compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by our Dispute Resolution Committee,” Financial Commission noted.

In the recent announcement, Financial Commission highlighted that it is important for its members to comply with membership rules.

Membership

In the past 12 months, some of the leading names in the global financial brokerage industry joined Financial Commission as members. In July 2021, Exness joined Financial Commission as a member. IC Markets also became a member of the Financial Commission in November last year.

“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 firms integrity and adherence to rules must be strictly upheld in order for membership to be maintained,” Financial Commission added.