Membership
Membership is not an authorisation
GFCRS membership is not a licence or a regulatory authorisation. Always check a firm's authorisation directly on the public register of the relevant financial regulator before investing.Section 1
The firm holds a current authorisation for the services it provides, issued by the public financial services body of each jurisdiction in which it serves clients, and it complies with the conditions attached to that authorisation. Membership cannot be granted to an unauthorised firm, and it ends if the authorisation is withdrawn.
Client funds are held separately from the firm's own money, in designated client accounts with reputable banks or payment institutions, and are reconciled at least daily. The firm can show where client money is held and how it is protected if the firm fails.
Retail clients cannot lose more than the funds in their trading account. Any negative balance arising from market movements is written off by the firm without recovery from the client.
The firm publishes its spreads, commissions, swap and overnight charges, inactivity and withdrawal fees, and an order execution policy explaining how prices are formed, how slippage is applied symmetrically and how requotes are handled. Trade records and price feeds are retained so that individual executions can be reconstructed.
The firm has a written complaints procedure that is free for clients, publicly available, acknowledges complaints promptly and gives a final written response within a stated period. The final response must tell the client that they may refer the complaint to GFCRS.
Directors, senior managers and controlling shareholders are of good repute, have relevant experience and have no record of fraud, financial crime or serious misconduct. The firm notifies GFCRS of any change of control or senior management.
The firm meets the capital requirements of its authorisation at all times and keeps resources sufficient to meet its obligations to clients, including the payment of any amount agreed or awarded in a GFCRS case.
Promotions are clear, fair and not misleading. They show risk warnings prominently, do not promise returns, do not use pressure-selling, and do not present bonuses or promotions in a way that restricts withdrawals unfairly. The firm takes responsibility for introducers and affiliates acting on its behalf.
Client personal data is processed lawfully under applicable data protection law, kept secure, and used only for the purposes clients have been told about. The firm has procedures for handling data breaches and access requests.
The firm operates customer due diligence, transaction monitoring and sanctions screening appropriate to its business, and it does not use these controls as a pretext to withhold client funds without lawful grounds and a clear explanation.
Section 2
Section 3
The firm submits the online application with its supporting documents and receives an application reference. Incomplete applications are not evaluated until the missing items are received.
The Membership & Compliance Department checks each authorisation directly against the issuing body's public register, verifies corporate and ownership information, and reviews the policies and agreements provided.
We put written questions to the firm and may ask for further documents, sample trade records or a call with senior management. Any concern must be resolved before a recommendation is made.
A reviewer who has no commercial relationship with the firm prepares a written recommendation. The decision to admit or refuse is recorded with reasons and communicated to the firm in writing.
On admission the firm is listed in the Member Directory and issued a membership certificate with a unique number and QR code, which anyone can check on the Verify a Certificate page.
Section 4
Every member is reviewed at least once a year, before its certificate expires. The firm confirms that its authorisations, ownership, management and client money arrangements are unchanged or explains any changes, and provides updated financial statements and complaint figures.
We re-check each authorisation against the public register and take into account the firm’s record in the GFCRS complaint process, including how promptly it responded and whether it paid amounts it agreed to pay. A new certificate is issued only when the review is completed satisfactorily. The date of the last verification is shown on each firm’s profile in the Member Directory.
Members must tell us within 10 business days of any material change, such as a change of control, a new or withdrawn authorisation, or enforcement action taken against the firm.
Section 5
Membership may be suspended or terminated if:
Except where urgent action is needed to protect investors, we write to the firm setting out our concerns and give it a reasonable opportunity to respond before a decision is taken. Decisions are recorded with reasons. A firm may ask for a decision to be reconsidered by reviewers who were not involved in it.
When membership is suspended or terminated, the firm’s status in the Member Directory is updated immediately, its certificate is shown as suspended or revoked on the verification page, and we may publish a notice on the Notices page. A suspended firm must not describe itself as a GFCRS member in good standing and must remove the GFCRS member badge from its website.
Complaints about events that occurred while a firm was a member continue to be handled after suspension or termination.
Section 6
Firms pay an application fee for the evaluation and an annual membership fee. Fees are the same for every firm of the same category, are not refundable if an application is refused, and are charged to firms only: investors never pay to use the GFCRS complaint process.
Fees never affect the outcome of any complaint. Membership income is accounted for separately from complaint handling, case handlers have no access to a firm’s fee status, and a firm cannot pay to change, delay or avoid a decision.
The current fee amounts are disclosed in writing to each applicant before the evaluation begins, and no fee is charged until the applicant has accepted them.
Ready to apply?
Complete the online application and upload your supporting documents. You will receive an application reference by email.