New Recommendations by the FINRA Dispute Resolution Task Force (13th Article)

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the thirteen in a series of posts to discuss the 51 recommendations that the FINRA Dispute Resolution Task Force (Task Force) has made to the National Arbitration and Mediation Committee (NAMC). NAMC is FINRA’s standing board advisory committee.                          

To begin, the Task Force recommended that FINRA implement policies that expedite the hearing process for seniors and seriously ill parties and implement procedures to insure that the goals of achieving an expedited process and hearing are achieved.

As a result of the Task Force’s recommendation, FINRA implemented procedures to increase the efficiency of administering expedited cases concerning seniors and seriously ill parties. These procedures include, (1) reducing the time staff takes to send arbitrator lists to the parties; (2) reducing the time that arbitrators have to accept cases; (3) updating management tracking reports to flag expedited cases; and (4) sending a checklist to parties asking them to stipulate to reducing the time it takes FINRA to administer a case.

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