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Mediation
The
Financial Industry Regulatory Authority (FINRA)
recommends mediation as the next step in resolving disputes. Unlike arbitration, mediation is informal and non-binding — which means you're under no obligation to accept the result. You’re not required to try mediation and can proceed straight to arbitration if you choose. You can also seek mediation at the same time as arbitration proceedings.
In mediation, an experienced, neutral third party generally leads face-to-face discussions with both parties to negotiate a solution. The process is voluntary, and any resolution will be crafted with your direct involvement and input, so you can affect the outcome more than you’d be able to in a formal arbitration process. And there’s no obligation in mediation for you to produce any documents or share information that you don’t wish to.
Mediation tends to be a more cooperative, less adversarial, process. You might still retain a legal adviser during the process, but you have the option to negotiate directly on your own behalf. And because the process is cooperative, mediation is much more likely than arbitration to leave professional relationships intact. |
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