What is the FINRA dispute resolution process?
The Financial Industry Regulatory Authority (FINRA) provides a dispute resolution process for securities arbitration in Kansas. This process is used to resolve legal disputes between investors and brokers, as well as disputes between member firms and other members. The FINRA dispute resolution process is a voluntary process. Individuals or firms seeking resolution must file a Statement of Claim with FINRA detailing the nature of the dispute. They must also pay a filing fee and a hearing fee to FINRA. After receiving the Statement of Claim, FINRA will appoint a panel of three arbitrators who will then review the dispute. The arbitrators will then issue a Notice of Hearing to the parties involved, which outlines the date, time, and location of the hearing. The hearing will be conducted similar to a court trial and each party may provide evidence and witnesses to present their case. The arbitration panel will then make a ruling based on the evidence presented and the applicable laws. The FINRA dispute resolution process is designed to be a cost-effective and efficient alternative to court proceedings. Parties involved in a dispute may also negotiate directly with one another or choose mediation or a similar form of alternative dispute resolution. However, if the parties cannot reach an agreement, they can turn to FINRA to help resolve the dispute in a timely manner.
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