Frequently Asked Questions
Digital Oversight Commission is a self-governing, non-jurisdictional company that takes action in situations where contradictions arise between brokers and their clients. In cases where traders disagree with their service providers’ operations, the organisation offer comprehensive support. Clients should be aware that Digital Oversight Commission can only intervene if the broker has a membership status. Its goal is to provide both parties to the dispute with an independent assessment of the case.
Evaluating the dependability or quality of a financial service provider has always been and will be outside the scope of this entity’s responsibilities. Its main role is to step in when disputes arise between traders and their brokers, and no mutual resolution can be reached. Traders should verify before submitting any complaints that their broker is a member of the organisation and is properly regulated in the jurisdiction where it operates.
To be considered, a complaint must be related to a broker who currently holds an active membership. If a broker once had it but has lost it, or its status is listed as ‘under review’, complaints against it will not be accepted. Clients are advised to contact their country’s regulatory authorities in these situations.
A broker’s membership status means that it has agreed to the organisation’s guidelines, which clearly state its obligation to add a Complaint Contact and an Internal Dispute Resolution (IDR) in its contracts with the second parties.
Upon receiving a complaint from an applicant, the broker must take the following steps:
- Provide written confirmation that the item has been received.
- If possible, offer compensation.
- If compensation cannot be paid, explain the reasons.
It is important to note that a client’s dissatisfaction with the outcome entitles them to forward their complaint to the organisation.
The company’s primary mission is to bring together in one Committee seasoned, highly qualified specialists in the financial industry who can uphold exceptional professional standards. This Committee will review incoming complaints, assess them thoroughly, and deliver balanced, well-grounded decisions, ensuring effective oversight of dispute resolution. Through this approach, the company aims to deliver services that are not only transparent but also significantly quicker than those offered by other regulatory institutions.