FINRA Should Limit Brokerages' Post-Arbitration Appeals

By Ethan Brecher and Ana Montoya (February 3, 2021, 2:35 PM EST) -- Virtually all customers and licensed employees of Financial Industry Regulatory Authority-regulated broker-dealers are required to arbitrate disputes through FINRA's arbitration division.

Since 2003, there have been 87,704 customer and intra-industry arbitrations filed at FINRA. From 2018 to 2020 there were 6,558 customer cases filed and 4,448 intra-industry cases filed. From 2016 to 2020, a yearly average of 67% of the cases settled and 17% of the cases went to a full decision by arbitrators.

Of those cases that went to decision during that period, customers won damages on average in 40% of the cases. No similar win/loss statistics are available for...

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