EBC Financial Group Receives Membership from the Financial Commission

The Financial Commission (FinCom) has granted membership to the London-based online broker EBC Financial Group. A growing number of brokers and independent service providers utilize FinCom's services, and EBC has joined them. According to a statement issued by EBC, the approval came into force on July 5th.

EBC is regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). The company has branches in London, Tokyo, Sydney, Singapore, Hong Kong, Kuala Lumpur, and Bangkok.

FinCom, an independent third-party dispute resolution organization, is responsible for resolving disputes between traders and brokers in the process of conducting businesses in forex, contracts for differences(CFDs), derivatives services, and cryptocurrency trading.

FinCom's offerings include the protection of up to €20,000 for each complaint submitted by its members, which is supported by the commission's compensation fund. Currently, the organization has over 40 members, including Pepperstone, DLS, Exness, and Deriv.

However, in the past, FinCom has suspended some member qualifications because they allegedly failed to comply with certain of its regulations. The brokers suspended by FinCom include LordFX, Gann Markets, and BalansFX. Once a broker is removed from the commission, it loses its right to receive the compensation fund.

"As a result of the expulsion, the Financial Commission will not be able to reimburse using the organization's compensation fund since clients of approved members can only use the compensation fund and is subject to the ruling of our dispute committee," FinCom explained in May regarding some of its suspended members.

(Source: Finance Magnates）