FINRA Launches Pilot Remediation-by-Phone Program
The Financial Industry Regulatory Authority nnounced Wednesday that it has launched a pilot program offering parties in simplified cases pro bono or reduced-fee telephone mediation.
Participation in the pilot program, which began this week, is voluntary and open to cases involving claims of $50,000 or less, FINRA said.
Parties interested in participating in the pilot can notify FINRA by visiting www.finra.org/arbitrationmediation/smallclaims. Also, FINRA says staff will notify eligible parties about the pilot program.
Mediators would serve on a pro bono basis on cases involving claims of $25,000 or less in damages. Reduced-fee mediation ($50 per hour) would be available on cases with damage claims between $25,000.01 and $50,000. FINRA says it will not charge any administrative fee for these cases.