Compensation fund
UCMarkets is a member of the Financial Commission, an international organization engaged in the resolution of disputes in the financial services industry for the forex market.
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The Financial Commission was established to be a neutral third party committee to fairly review and resolve complaints. It aims to facilitate a simpler, swifter resolution than through industry regulators and the legal system.
The Commission ensures that traders and brokers have their disputes resolved in a quick, efficient, unbiased and authentic manner, while making sure that all parties walk away with a fair and thorough answer to their concerns. The Commission also provides additional protection for traders by using the Compensation Fund.
It is noted that the Financial Commission is an independent external dispute resolution (EDR) organization.
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How does it work?
The Compensation Fund acts as an insurance policy for members’ clients. This fund is held in a separate bank account and is only used if a member refuses to adhere to a judgment from the Financial Commission.
How is the Compensation Fund financed?
The fund will only be used for a judgment that has been issued by the Financial Commission. The fund does not cover traders’ losses incurred while engaging in self-directed trading. It also does not apply to a broker’s entire client base should the broker become insolvent.
What is the maximum coverage?
The Compensation Fund will only cover judgments made by the Financial Commission of up to €20,000 per client.
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