International Financial Commission Supervisory Authority File a Complaint to International Financial Commission Supervisory Authority
Within 45 days from the time of the incident client can file a complaint to International Financial Commission Supervisory Authority. However, client must try to resolve his complaint with the Member first.
- Member has 5 days to acknowledge the client complaint was received and 14 days to answer the complaint through the Member’s Internal Dispute Resolution (IDR) procedure.
- Client can file a complaint to International Financial Commission Supervisory Authority only if he is not satisfied with Member’s decision or decision wasn’t made within 14 days.
Investigation Phase
The Financial Commission will investigate the grounds of the complaint and verify its validity within 5 business days.
- Head of DRC will contact the client and the Member within 5 business days to obtain all necessary information and see if there is a chance to settle the complaint during investigation phase.
- If no settlement opportunity during the Investigation phase, complaint will go to the Determination Phase and the DRC.
Determination Phase
Based on the documents and information that was collected during Determination Phase, the DRC will make a decision on the complaint.
- If additional information is needed, DRC will request such information from the client or Member. Requested party must answer within 7 days.
Awards and Orders
DRC decisions are binding on Brokers. DRC decisions are binding on clients only if they accept them.
- If complainant agrees with DRC’s decision, he’ll need to accept it within 14 days. If the Client does not respond to the DRC’s decision within 14 days the complaint is considered closed
- Member must award the settlement within 28 days of when the decision was reached.
- If the decision was in favor of the Member, the client must provide a release for the member within 7 days of when the decision was made and the complaint is considered closed