Financial Commission Adopts TMGM as a Participating Broker

The Financial Commission (FinCom), a self-regulatory organization in the financial services industry, announced on September 22 that TMGM became the newest recognized broker member.

TMGM is a prominent brokerage, particularly in the APAC region. Its global operations are regulated in Australia, New Zealand, and Vanuatu.

As a member of the self-regulatory body, the Australia-based broker has joined Pepperstone, Exness, RoboMarkets, Alpari, IC Markets, and many more.

FinCom includes 42 forex and contracts for differences (CFDs) brokers as members, including Alpari and Alpari International, which are sibling businesses. In addition, it has offered membership to a number of blockchain platforms, technology companies, investment platform providers, and education providers.

As FinCom members, brokers and their clients gain access to an expanded array of services and perks. However, the most sought-after is money protection of up to €20,000 per customer, which is supported by the Compensation Fund of the Financial Commission. This gives security to worldwide brokerage clients whose money are not protected by compensation systems offered by a number of leading authorities, such as the FCA and CySEC.

In addition, FinCom acts as a third-party mediator in any disagreement involving a member broker and a client.

According to a press release shared with Finance Magnates, "For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, faster resolution process than through traditional regulatory channels such as arbitration or local courts."

Meanwhile, FinCom has tight membership requirements and has recently ejected several brands. Earlier this year, Fiber Markets, LordFX, and EGMarkets were stripped of their membership status for violating rules and regulations. In contrast, GANN Markets elected to withdraw its membership.