The leading forex and CFD broker in Australia, TMGM, was recently accepted into Financial Commission as its newest member.
Financial Commission announced that it has added TMGM, or Trademax Global Markets, to its list of members. TMGM's status as a member came into effect on 22 September 2022, so now the company is further assured that they offer high-quality services that comply with commission standards.
Financial Commission provides brokers and their customers with a non-biased 3rd party mediation platform to help resolve complaints in cases where it is difficult to reach an agreement on a dispute. Financial Commission helps facilitate a simpler and faster settlement process than through arbitration or the local court system.
Several brokers other than TMGM have also joined the Financial Commission as part of their commitment to clients. The addition of TMGM to the list of members also provides stakeholders with access to a range of services and benefits, including protection of up to €20,000 per a complaint filed.
“TMGM joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements,” the statement further reads.
Financial Commission also issues execution certifications for the Australian broker as industry-specific associations seek to reduce the number of execution-related disputes that occur before progressing to formal complaints.
According to its latest quarterly report, the Financial Commission is making progress on several fronts. In particular, the number of new complaints increased 10% quarter-on-quarter as compensation demanded from broker members rose 57% to $3.35 million.