FINRA Announces Reduced-Fee Mediation Program
Parties can use remote mediation at significantly reduced fees through Aug. 31.
The Financial Industry Regulatory Authority announced Wednesday a “significantly” reduced-fee mediation program.
Parties can use remote mediation at significantly reduced fees through Aug. 31.
To date, more than 85 mediators have agreed to participate in the program, FINRA said, which features the following benefits:
- Parties will receive a random list of 10 national mediators along with their Mediator Disclosures for their consideration and ranking;
- The mediator payment for his/her service is $100 an hour split by the parties; and
- FINRA waives mediation filing fees and administrative fees (FINRA receives no revenue).
FINRA Dispute Resolution Services also offers virtual hearing services (via Zoom and teleconference) to parties in all cases by joint agreement of parties and mediator.
Questions should be directed to the following Mediation Administrator for your region.
Southeast and West Regions
Leon M. de Leon Phone: (561) 447-4917
Northeast and Midwest Regions
Narielle Robinson Phone: (561) 447-4927
Due to COVID-19, FINRA has postponed all in-person arbitration and mediation proceedings scheduled through July 3.
Parties that have an in-person hearing or mediation session scheduled through this date will be contacted by FINRA staff to reschedule or discuss remote scheduling options.
The proceedings can be held by Zoom or teleconference meetings, but both parties have to agree or such a meeting has to be ordered by a FINRA arbitration panel, according to FINRA.
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