Benefits of Becoming a FINRA Mediator
FINRA seeks to provide parties with a wide range of mediators who meet the parties' specifications. By joining FINRA's mediator roster, mediators enjoy the following benefits:
- FINRA Credential: FINRA mediators have a competitive advantage as members of the leading securities mediation program. Since FINRA screens and monitors its roster carefully, parties and their representatives value the quality and expertise of FINRA mediators.
- Marketing Resources: FINRA promotes mediation to parties who file arbitration cases, and provides parties with detailed information about qualified mediators.
- FINRA Arbitration Cases: FINRA encourages parties in all arbitration cases that require an in-person hearing to consider mediation at FINRA. Staff also works to convert inquiries from disputing parties, who have not yet filed an arbitration claim, to try mediation at FINRA.
- Lists and Disclosure Reports: FINRA provides parties with a list of potential mediators who meet the necessary qualifications for a particular case, and with a detailed disclosure report for each mediator on the list. The disclosure report includes educational and employment background, mediation experience, mediator rates, mediator training, disclosure/conflict information and a breakdown of the type of cases mediated, along with the mediator's success rate.
- Time Savings: Mediation administrators work directly with parties to respond to questions and educate them about the mediation process. This service prepares parties for mediation and allows the mediator to focus on resolving disputes.
- Low Mediator Administrative Costs: FINRA collects a $200 mediator membership fee once per year and a simple flat fee of $150 at the conclusion of a mediation case.
- Prompt Payment: FINRA collects fees directly from parties and pays its mediators promptly after the mediation concludes. FINRA mediators do not have to wait for the parties to submit payment.
- No Collection Risk: Mediators do not risk non-payment of fees and expenses, because FINRA pays mediators following the mediation regardless of the status of collection efforts.
- Direct Deposit: Mediators may also have payments deposited directly into their personal bank accounts by completing a direct deposit enrollment form.
- Administrative Assistance: Staff provides administrative support, including scheduling mediation sessions at FINRA offices (with video conferencing options) or at an offside location, and collecting mediator fees and expenses. Staff also ensures that all parties execute a Mediation Submission Agreement to establish the terms of the mediation in advance.