The Currency to Trading Industry External Dispute Resolution (EDR) institution, the Financial Committee (FinaCom), has released its 2022 annual complaint data report, which shows that global brokers faced a total of $12.4 million in claims from traders throughout the year, a 17% decrease from 2021.

However, the total claims faced by finaCom member brokers throughout the year amounted to $7.4 million, an increase of 76% compared to 2021.

In terms of the number of complaints, the Financial Committee received a total of 3026 complaints from traders against brokers in 2022, reaching a new high, an increase of 26% compared to 2021. In 2022, the average processing time of each complaint case by the Financial Committee was 5.6 days, reaching its fastest pace since its establishment in 2013.

According to data disclosed by the Financial Commission, the majority of complaints in 2022 were related to non-trading issues, accounting for 58%, funding related complaints for 29%, and trading related complaints for only 13%. Specifically, the proportion of complaints regarding account freezing issues is 29%, cash issues are 19%, price checks are 14%, non market quotation issues are 7%, and stop loss order issues are 6%.

Source: Financial Committee

Out of the 2968 complaint cases resolved in 2022, 42% were judged to be 'pro broker', of which 16 were 'pro client', while the remaining 52% were not within the jurisdiction of the Financial Commission.

The Financial Committee also mentioned key data on its international expansion in its annual report. In 2022, the organization's international influence expanded by 30% compared to 2021, with 13 new member brokers added, including Vida Markets, ThreeTrader, Fullerton Markets, TMGM, Bold Prime, Vantage, Jishi, Agra Markets, Inveslo, and more.

In addition, the Financial Committee emphasized that its free dispute resolution services for traders are widely popular in Asia, Latin America, and Europe, with new complaints from these regions increasing by 47%, 38%, and 30% respectively in 2022, and complaints from the Middle East also increasing by 15%. Due to the continued existence of local market restrictions, complaints from Russia and former Soviet republics have continued to decline by 38%.