Finra launches small claims telephonic mediation pilot

The Financial Industry Regulatory Authority (Finra) announced today the launch of a pilot program offering parties in simplified cases pro bono or reduced-fee telephone mediation.

Participation in the pilot program, which began on January 15, is voluntary and open to cases involving claims of $50,000 or less.

Linda Fienberg, President of FINRA Dispute Resolution, said, "Telephone mediation is a lower-cost alternative, and would benefit dispute resolution forum users in many ways. Besides eliminating the travel and preparation costs typically associated with in-person mediation, telephonic mediation offers greater convenience and flexibility, and is a practical alternative for all parties involved."