FINRA’s (Financial Industry Regulatory Authority) Mediation Program has launched a pilot that offers parties in small claims arbitration cases free or low-cost telephone mediation. Participation in the pilot program, which began January 15, 2013, is voluntary and open to cases involving claims of $50,000 or less.
The pilot program offers mediation at no cost for arbitration claims of $25,000 or less; or $50 per hour for cases with claims of $25,000 to $50,000.
Mediation is an informal process and offers both parties the opportunity to discuss their case privately and confidentially with an experienced mediator. FINRA mediators settle 4 of every 5 cases mediated through FINRA’s Mediation Program.
How to Participate
To participate in the program, sign and return the Small Claims Mediation Submission Agreement.
FINRA will assign a mediator, who will contact the other parties to get their agreement. Mediation is voluntary, so all parties must agree before the mediation will go forward. The mediator will communicate the status of agreement to all parties.
More information at www.finra.org.