The Financial Industry Regulatory Authority nnounced Wednesdaythat it has launched a pilot program offering parties in simplifiedcases pro bono or reduced-fee telephone mediation.
|Participation in the pilot program, which began this week, isvoluntary and open to cases involving claims of $50,000 or less,FINRA said.
“Telephone mediation is alower-cost alternative, and would benefit dispute resolution forumusers in many ways,” said Linda Fienberg, president of FINRADispute Resolution, in a statement. “Besides eliminating the traveland preparation costs typically associated with in-personmediation, telephonic mediation offers greater convenience andflexibility, and is a practical alternative for all partiesinvolved.”Parties interested in participating in the pilot can notifyFINRA by visiting www.finra.org/arbitrationmediation/smallclaims.Also, FINRA says staff will notify eligible parties about the pilotprogram.
|Mediators would serve on a pro bono basis on cases involvingclaims of $25,000 or less in damages. Reduced-fee mediation ($50per hour) would be available on cases with damage claims between$25,000.01 and $50,000. FINRA says it will not charge anyadministrative fee for these cases.
|This article was orginally posted at AdvisorOne.com, a sister site of Credit UnionTimes.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
