PU Prime Joins the Financial Commission

The Financial Commission has proudly announced the admission of PU Prime as its newest member, marking a significant addition to the self-regulatory forum. This move comes amid a growing interest and demand for independent external dispute resolution (EDR) services within the foreign exchange (FX) industry. As the latest brokerage firm to join the Financial Commission, PU Prime is now part of an esteemed group that benefits from impartial third-party mediation in resolving disputes between brokers and their clients.

Expertise in Dispute Resolution

The Financial Commission provides unbiased mediation services that facilitate smoother and quicker resolutions compared to traditional regulatory channels like arbitration or local courts. The Commission helps prevent disputes from escalating into formal complaints by offering a streamlined process. This mediation service is crucial for brokers and their clients, ensuring fair and efficient resolutions that uphold the integrity of the trading environment.

PU Prime's inclusion as a member means that its users are now protected for up to €20,000 per complaint. This significant financial safeguard underscores the Commission's commitment to protecting traders and fostering trust within the industry.

Authoritativeness of PU Prime

Founded in 2016, PU Prime has established itself as a reputable Contract for Difference (CFD) broker, offering access to over 900 financial instruments. These include forex, indices, commodities, shares, bonds, and ETFs. With its approval as a broker member of the Financial Commission effective from July 16, 2024, PU Prime gains access to various services and benefits. These include protection up to €20,000 per complaint, backed by the Commission‘s Compensation Fund. This membership enhances PU Prime's credibility and assures its clients of the broker’s commitment to transparency and reliability.

PU Prime now stands alongside a diverse range of brokerages and independent service providers (ISPs) in the CFD, forex, and cryptocurrency markets that utilize the services of the Financial Commission. This membership signifies a substantial step in PU Prime's journey towards offering secure and trustworthy trading experiences.

Trustworthiness and Recent Developments

The Financial Commission continues to expand its influence and services. Recently, it welcomed Vantage Trading as its latest member on July 4, 2024. Vantage Trading, a global multi-asset CFD broker, offers over 1,000 financial instruments, including forex, stocks, commodities, indices, and ETFs. The platform emphasizes security, competitive spreads, advanced trading tools, educational resources, and 24/7 customer support. Vantage Trading's membership further highlights the growing importance of the Financial Commission in the trading industry.

Earlier this year, the Financial Commission released insights from its 2023 case studies, showcasing the main themes and outcomes of disputes between traders and financial service providers. These findings emphasize the relevance and necessity of organizations like the Financial Commission in todays trading landscape.

In another notable development, the Financial Commission appointed Aytugan Khafizov, Founder and CEO of FastMT, to its Dispute Resolution Committee (DRC) in May. Khafizov, the 37th industry expert to join the DRC since its inception in 2013, brings extensive experience to the committee. The DRC comprises a diverse panel of industry professionals who follow an unbiased protocol to process and resolve complaints from members clients. Khafizov's inclusion comes at a time of significant expansion for the self-regulatory association, which has recently added several new members to its roster.

Caution Against Fraudulent Activities

The Financial Commission remains vigilant against fraudulent activities. Recently, it alerted the public to a scam involving individuals falsely claiming to be representatives of the Commission. These impostors aimed to exploit traders who faced issues like lost funds or blocked withdrawals with brokers. The fraudsters offered recovery and chargeback services for a fee, pretending to be FinaCom employees and issuing bogus letters of guarantee.

The Financial Commission clarified that it does not offer funds recovery or chargeback services or engage in unsolicited communication with traders. All official interactions are initiated only through inbound inquiries on their website, financialcommission.org. The Commission also stressed that it never uses social networks or messengers for official communications, charges fees for its services to traders, or serves customers of non-member brokers.

How to File a Complaint Against a Forex Broker

To ensure the authenticity of communications, traders are urged to verify links to the Commissions website and official email address, info@financialcommission.org. Customers can check if their broker is a member of the Financial Commission.

The Financial Commission stands as an independent EDR forum dedicated to resolving disputes between consumers and their financial service providers who are members of the Commission. Initially focusing on electronic market trading, such as forex, the Commission has expanded to CFDs, related derivatives, and certifying trading technology platforms.