Mediator Selection

After conferring with the parties, FINRA will send a list of proposed mediators from its roster of experienced mediators.  The mediators on the list may have subject-matter expertise or other experience, consistent with the parties' needs in the case.

 

FINRA will include a disclosure report for each mediator on its roster. The disclosure report contains the mediator's rate (hourly fee or flat fee), any travel or cancellation policies, educational and employment experience, type of cases mediated, the number of cases mediated and how many settled, all of which help the parties select the mediator who best meets their needs.

 

The parties may select their mediator from the initial list FINRA sends or may ask for additional lists. The parties may also suggest a mediator not on the list or from outside the FINRA roster.

 

The mediator must be approved by all parties to the dispute.

 

Once the mediator has been selected, the parties to the dispute and the mediator are required to sign a Mediation Submission Agreement. The agreement confirms that parties will mediate in accordance with FINRA Mediation Rules, and agree to the terms of payment for applicable fees and the confidentiality of the mediation process.