What is the purpose of a FINRA panel and how does it work?
The purpose of a Financial Industry Regulatory Authority (FINRA) Panel is to offer an arbitration platform to resolve disputes between customers and financial firms in Washington, while operating as an unbiased, private arbitrator. The FINRA panel is comprised of three arbitrators who are appointed by FINRA and have specialized knowledge related to the issues at hand. When a dispute is brought to a FINRA panel, the arbitrators will consider the evidence presented by both sides. After reviewing the evidence and any applicable case law, the panel will make a ruling that is binding and enforceable in court. FINRA panels are designed to be more efficient and less costly than resolving financial disputes through the court system. This is because the panel’s processes are simplified and do not require lengthy trial proceedings like those heard in court. The panel also operates under strict timelines and can generally make a ruling within a few months from the dispute’s filing date. FINRA panels are a great resource for resolving financial disputes in Washington, as they provide an impartial, cheaper and more efficient alternative to resolving disputes through the court system.
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