The Financial Commission (FinaCom PLC), an industry-specific dispute resolution service that caters to the financial services industry, today announced that it has approved Clear Point Finance Limited (CPFX) as the latest addition to its growing membership, according to a FinaCom statement.
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CPFX provides online trading services across multiple asset classes although the broker is apparently not regulated in a spacific jurisdiction. The company is the latest addition to FinaCom’s membership, gaining official status as a member of the organization effective May 3, 2017.
All clients of a company that is a member of the Financial Commission are protected by the compensation fund which acts as an insurance policy. More specifically, traders of a company with A-Category membership can be eligible for compensation of up to $20,000 per complaint, as well as having access to all dispute resolution services offered by the Commission.
Financial Commission is an external dispute resolution organisation which is supported by the Dispute Resolution Committee (DRC), which in turn is comprised of recognized industry professionals. FinaCom is an independent international service that guarantees honest and timely resolution of any disputes with the aim of resolving trader-broker conflicts.
The operator of FinancialCommission.org serves the online foreign exchange, binary options industry and independent technology providers. As part of the review process, the commission has established a detailed list of points to verify covering system security, capacity, business disaster recovery, and continuity plans, as well as reporting and record keeping, among other fields deemed important for the certification.
Source: Finance Magnates