Juno Markets, an Asia-oriented forex broker, has upgraded its membership with the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, to A category. As a result, its clients will gain access to a greater compensation package of up to $20,000 per client in case of an unresolved dispute with their broker.
The broker is an official FinaCom member as of 8 September, 2016. Prior to the membership upgrade, Juno Markets’ customers could apply for compensation of up to $5,000.
“As a larger number clients utilize the services of Financial Commission, upgrading from Category B often happens either in parallel to an increase in the broker’s own client base and/or within the first year of joining as the firm and its clients start to see the benefits of Financial Commission membership,” said Peter Tatarnikov, FinaCom chairman. “We are pleased to report that Juno Markets upgraded its membership with the Financial Commission from Category B to Category A status, which will in turn provide a wider range of benefits for its clients as a category A member,” he added.
Juno Markets has both retail and institutional services to clients mainly in the Asia Pacific region. It is a no-dealing desk broker based in St. Vincent and the Grenadines and registered with the local regulatory body, the Financial Services Authority (FSA). Its offering includes forex, contracts for difference (CFDs) on indices, and commodities.
FinaCom acts as a third-party mediator in case of complaints and disputes between its members and their clients in cases when the involved parties cannot solve themselves. The organization helps facilitate a simpler, swifter resolution process than through typical regulatory channels.
FinaCom’s members are forex and binary option brokers, as well as independent service providers (ISPs). The EDR organization has two membership categories, depending on the amount of compensation to which investors are entitled. Clients of A-category member get up to to $20,000 and those of B-category members receive a compensation of up to $5,000.