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Brokers Authority was established as an unbiased third-party team of consultants to deal fairly and resolve complaints following the aim of providing an easier and faster solution than through industry regulators and the official system. In addition, Brokers Authority offers protection to traders using the special Commission.
The Brokers Authority Compensation Fund is a fund that works as insurance for the clients of our brokers. It is used only if the broker refuses to obey the decision of the Commission or if they are removed from the Commission without being paid based on a decision that was awarded against them.
Money to the fund is received by deducting 10% of the monthly membership fees to the fund, which is kept on a special secured bank account. These funds cannot be used for any other organization’s activities.
All clients need to understand that the fund is used only in the event of a decision made by the Commission. The fund was not created in order to cover the possible losses of traders incurred during independent trading and does not extend to the whole client base if the broker becomes indebted.
The Fund can cover only the decisions with the amount of the judgements up to €100,000 per client of a broker from the database.
The Commission undertakes to pay compensation to the applicant within 90 days after the decision to change the status of the participant-broker is made.
Will use all available measures to provide payments from the broker directly to the claimant and to verify the personal information of the claimant.
In case of a lack of funds due to the number of unsatisfied cases by the participating broker,the current amount will be evenly distributed among all applicants
The Compensation Fund cannot be used in cases stated in the Rules and Guidelines chapter 10.
