Rules for filing a complaint with a broker to the regulator
Procedure for filing a claim with a broker to regulators CySEC, FCA, ASIC and IFSC: reasons for preparing a complaint, rules for filing an application with regulators and the Ombudsman
The regulator is the last resort, which can help resolve the contradictions between the trader and the broker. However, in most cases, regulators do not consider individual claims, immediately sending traders to the Ombudsman. But each complaint submitted is the very drop that may be the last for the offending broker. In our review, you will learn: for what reasons it makes sense to file complaints, how European and offshore regulators differ in this respect, how to properly file a claim with brokers CySEC, FCA, ASIC, and IFSC, what are the chances of getting a result.
How to file a complaint with a broker to the regulator
Almost every broker has a license of one or another regulator, in whose jurisdiction there is a main brokerage office. Some brokers have licenses of several regulators, however, as practice shows, this is not much easier for traders. Recall the most high-profile bankruptcies of the past: WorldSpreads, MF Global, MMCIS, Pantheon-Finance – in all these cases, the regulators turned out to be powerless, but not useless. Mass complaints of traders prevented a complete outflow of capital from bankrupt brokers, returning up to 50% of the money. Not very much, but better than nothing. About the cases in which it is possible to submit a complaint to the regulator, how to draw it up correctly and what can be achieved, as a result, read on the example of CySEC (Cyprus), FCA (Great Britain), ASIC (Australia) and IFSC (Belize).