Once the parties agree to mediate, each side pays a Mediation Filing Fee to FINRA-an administrative fee based on the amount of the claim.
In addition, the Mediator's Fee is a charge for the mediator's services. Mediators set their own rates, which can be an hourly fee or a flat fee. When parties are ready to select a mediator, FINRA will provide a list of suggested mediators and include a Mediator Disclosure Report for each mediator. The mediator's rate and cancellation policy, if any, will be included on each report.
Sometimes parties will select a mediator who needs to travel to a distant location. In that instance, the travel costs are the parties' responsibility. When a mediator cannot provide conference space, and a FINRA office or party representative's office is unavailable, parties may need to pay for conference space at a conferencing center. In those instances, FINRA staff will help parties find a location.
All fees are apportioned equally, unless parties agree to a different arrangement.