The Financial Commission, an independent external dispute resolution (EDR) body, today announced the addition of multi-asset broker Neex as its latest member effective October 3, 2024.
The membership reflects Neex’s commitment to keeping up high standards in dispute resolution and customer service in the trading world.
With this new membership, Neex traders now have additional assurances that their service provider complies with the Financial Commission’s strict quality standards. Furthermore, Neex customers will now benefit from protections of up to €20,000 per claim under the Commission’s Compensation Fund, which acts like an insurance policy.
Neex is an online brokerage offering various financial instruments, including Forex, indices, and commodities. The broker operates under the broader NEEX GROUP, which includes several entities. Neex Limited is registered in Saint Lucia, while Neex Prime Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) and holds AFSL number 335126. Additionally, Neex (Pty) Ltd operates in South Africa, licensed by the Financial Sector Conduct Authority under FSP number 49937.
The Financial Commission serves as an alternative to traditional regulatory resolution processes like arbitration or court systems, offering a simpler and more direct way to resolve conflicts between traders and brokers. It is supported by the Dispute Resolution Committee (DRC), which consists of esteemed industry professionals.
The organization not only mediates disputes but also provides execution certifications for approved brokers to mitigate execution-related disputes before they evolve into formal complaints.
The inclusion of Neex reflects the growing demand for independent, unbiased dispute resolution services in the financial sector. Earlier this year, the Financial Commission released insights from its 2023 case studies, spotlighting the main themes and results in disputes between traders and financial service providers. The results show the relevance and necessity of such organizations in today’s trading environment.
In May, the Financial Commission appointed Aytugan Khafizov Founder and CEO of FastMT to its Dispute Resolution Committee (DRC). He is the 37th industry expert to join the Financial Commission’s DRC since its inception in 2013.
The DRC consists of a diverse panel of industry professionals, who follow a non-bias protocol to process and resolve complaints from members’ clients. Aytugan joins the Financial Commission during a time of expansion for the self-regulatory association. The commission recently added several new members to its existing roster.
