What is the FINRA dispute resolution process?
The Financial Industry Regulatory Authority (FINRA) dispute resolution process is a form of securities arbitration law in Alabama. The process is designed to resolve disputes between investors and broker-dealers. The FINRA dispute resolution process begins with the filing of a Statement of Claim by the claimant. This statement must include information about the dispute, including the parties involved, the amount of the claim, and the facts supporting the claim. The Statement of Claim is then reviewed by FINRA and if accepted, the claim is automatically referred to FINRA dispute resolution services for arbitration. The arbitration process involves two parties: an arbitrator and an arbitrator panel. The arbitrator is responsible for hearing any claims, counterclaims, and evidence that is presented in the arbitration process. The panel is made up of three impartial individuals who are selected by FINRA in consultation with both parties. In arbitration, the panel will hear evidence and testimony from both sides and then decide how to resolve the dispute. This could include a monetary award, a settlement, or other acceptable resolution. FINRA dispute resolution services are designed to be a faster, more efficient, and cost-effective way to settle disputes that arise between investors and broker-dealers. The process is designed to provide a fair and unbiased resolution for both parties.
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