Broker-status Announces VNC Brokers Membership Withdrawn

/Broker-status Announces VNC Brokers Membership Withdrawn

July 6, 2018, Broker-status, a leading external dispute resolution (EDR) organization catering to the financial services industry, today announces that the membership status of VNC Brokers has ceased following a voluntary withdrawal.

VNC Brokers had met its obligations as a Broker-status member in all cases where complaints had been brought forward against the broker up until July 6, 2018, when its membership was effectively withdrawn.

 

Broker-status notes that it will not be able to process any new complaints from VNC Brokers, following its voluntary withdrawal of membership from Broker-status as of the date of this announcement and moving forward or until membership is approved again.

Furthermore, VNC Brokers’ clients will not be eligible for reimbursement from Broker-status’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and subject to ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by Broker-status from a portion of membership dues.

An updated list of current and prior members can be found on broker-status.com, including members that have either been expelled or withdrawn voluntarily.

Broker-status is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivative and cryptocurrency markets, as well as certified providers and developers of trading platform technology used by members and their end-clients who are retail traders and investors.

Broker-status requires that member firms strictly adhere to membership rules to maintain good standing on an ongoing basis. To learn more about our membership requirements and certification process, contact us or visit  https://broker-status.com

2018-07-06T10:15:51+00:00July 6th, 2018|