Frequently Asked Questions

The International Financial Commission Supervisory Authority is an external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes with financial services providers that are members of the International Financial Commission Supervisory Authority.

The International Financial Commission Supervisory Authority set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading the Forex market.

The International Financial Commission Supervisory Authority hears a wide variety of disputes of all monetary values. We give traders a voice so they feel they are treated fairly and we provide brokers a means to respond to any complaints that may have been unfairly lodged against them.

Joining the International Financial Commission Supervisory Authority effectively allows you to manage your risks and satisfy customers to reassure that they will be doing business in a fair and balanced environment. Membership with the International Financial Commission Supervisory Authority is an opportunity to demonstrate your commitment to upholding the highest standards of commercial honor and best business practices in conducting your business.

Your clients will have access to independent, experienced, and professional staff to assist them in resolving any complaint they may have with you.

Being a member is also a cost effective means to mitigate reputational risk, such as traders complaining on forums creating negative news and feedback. By resolving the complaint through an independent and impartial committee such as the International Financial Commission Supervisory Authority, you will reduce the costs associated with litigation and alleviate the stress and difficulty that process entails.

The International Financial Commission Supervisory Authority was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler, swifter resolution than through industry regulators and the legal system.

No you do not need to be regulated, however you will need to apply for membership and pass a due diligence and background check. Membership is subject to approval by the Board of Directors and Compliance Department.

To apply to become a member, please fill out the International Financial Commission Supervisory Authority membership application. To have a copy of the application emailed to you please send an email to: info@ifcsa.co.uk

Once your application has been received, it will be processed within 21 business days. You will receive a notification from our Board of Directors and will be provided with your Membership Number. Once approved, a welcome pack will be sent to you along with your Membership Certificate.

• All potential members are required to submit the International Financial Commission Supervisory Authority member application form.
• You are required to make a minimum 1 year commitment to the International Financial Commission Supervisory Authority.
• After the membership application is approved, as a new member of the International Financial Commission Supervisory Authority, you are required to pay your membership fees.
  • These fees are due upon approval of your application and are payable in advance for the first year.
  • Following the first year of membership, fees can be paid semiannually.
  • To have a copy of membership terms emailed to you, please send your request to: info@ifcsa.co.uk
• Fee Payments
  • All fees must be paid by bank wire in Euro (€). The Commission will not accept Credit Cards, Company Checks, or Personal Checks, 3rd party payments of any kind are not allowed.

When the International Financial Commission Supervisory Authority receives a complaint the first step is to ensure the complainant has approached the member to try and resolve it through the member’s own Internal Dispute Resolution process.

The International Financial Commission Supervisory Authority’s Rules state that every member must have a complaints contact person and an Internal Dispute Resolution (IDR) Procedure in place.

The IDR Procedures require you to give a substantive response to a complaint as soon as possible but must be within 10 business days. A substantive response shall include:

• Acknowledging the customers complaint and
• Where appropriate offering compensation, or
• Reject the complaint, providing a reason for the decision

If the customer has been through your IDR Procedure and is not satisfied with the outcome, they are entitled to make a formal complaint to the International Financial Commission Supervisory Authority.

A complaint is filed with the DRC. The DRC will verify that the proper procedures have been taken and that the client has tried to mediate the complaint with the member first. If the member and client cannot reach an agreement, the complaint will come to the DRC.

The DRC will collect information from both the member as well as the client to hear their justification for why they feel the resolution should be in their favor.

Once the DRC has collected information from both sides they will review the information provided, if they need additional information they will contact the member and or client for follow up questions.

After the DRC has reviewed everything they will issue a decision. This decision will include a description of the complaint, a detailed explanation of the findings of the DRC, as well as a final decision and resolution to the complaint.

The decision-making process and administration of DRC are independent of its members and sectors of the industry which fall within its jurisdiction and which provide its funding.

The DRC are:

• Entirely responsible for the handling and determination of Complaints; and
• Are accountable only to the International Financial Commission Supervisory Authority Board.

The International Financial Commission Supervisory Authority Board is responsible for overseeing the operations of the DRC, for ensuring independent decision making on all complaints and for preserving the integrity and independence of the Financial Commission and of the dispute resolution processes.

To ensure that the International Financial Commission Supervisory Authority is and continues to be, independent from any conflict of interest, the Board will be comprised of:

• An independent Chairman; and
• No DRC member brokers

The International Financial Commission Supervisory Authority and the DRC are not employed by any financial brokerage or affiliated with any regulatory agency in any jurisdiction.

If as a member of the DRC, you do not respond to a complaint made to the International Financial Commission Supervisory Authority within 5 days, the DRC will provide a resolution without your input which may be detrimental to you in its final decision.

The International Financial Commission Supervisory Authority’s decision is only binding on a complainant if the complainant accepts it. If the complainant does not accept the International Financial Commission Supervisory Authority’s decision, the complainant is at liberty to pursue any other remedies available to them in the courts or any another forum.

The International Financial Commission Supervisory Authority’s decision is binding on its members once a complainant has accepted the decision of the International Financial Commission Supervisory Authority.

The complainant will also sign a binding document stating that they will abide by the International Financial Commission Supervisory Authority’s decision and should they be awarded compensation, they are not entitled to seek restitution with any other legal or regulatory body.

Every International Financial Commission Supervisory Authority decision is final and binding on a Member. Neither the Complainant nor the Member may file any appeals, and as such the International Financial Commission Supervisory Authority’s decision is not appealable. A Member may not challenge an Order or an Award in a court or other judicial or arbitration tribunal unless there is new information that can be presented that would affect the outcome of the Complaint.

If you refuse to accept the decision and or comply with the judgment your status as a member of the International Financial Commission Supervisory Authority will be reviewed.

Any issues that you may have with the International Financial Commission Supervisory Authority that are not related to a complaint decision may be brought to the Chairman of the Board of the International Financial Commission Supervisory Authority for evaluation.

Any issues with a decision from the DRC must be appealed and handled through the Head of the DRC as previously stated.

The complaints and decisions will be supplied to the member and the complainant. These will not be published unless the member does not comply with the judgment.

Note: The commission may from time to time publish anonymized random complaints for educational and comparative purposes, with any personal identifiable information removed.

The International Financial Commission Supervisory Authority will hear complaints of all monetary values. Any complaint that is for less than $250, it will be heard by 1 member of the DRC. Any complaint over $250, will be heard by a minimum of 3 members of the DRC.

Yes, all complaints must be first reviewed by the broker before they are submitted to the International Financial Commission Supervisory Authority.

If the commission sees a pattern of abuse from one particular client, the commission will try to speak with the client and the member to figure out the root issue as to the nature of the consistent complaints.

In addition the International Financial Commission Supervisory Authority reserves the right to refuse future complaints if the commission feels the client is abusing the system.

The Compensation Fund is a fund that acts as an insurance policy for members’ clients. This fund will be held in a separate bank account and be only used should a member refuse to adhere to a judgment from the International Financial Commission Supervisory Authority or if a member is removed from the International Financial Commission Supervisory Authority without paying their outstanding judgments.

The Compensation Fund is financed by the International Financial Commission Supervisory Authority through allocation of 10% of the monthly membership dues to the fund. The Compensation Fund will only cover judgments up to €20,000 per client of a Member.

This fund will only be used for a judgment that has been made by the International Financial Commission Supervisory Authority, a member’s entire client base are not entitled to a payout from the compensation fund. In case of shortage of funds due to number of unsatisfied cases by dealer-member, current fund balance will be equally distributed among all complainants.