FINRA Proposes Accelerated Arbitration for Elderly Claimants

FINRA requested comments on a proposal to speed up the arbitration process for claimants who are seriously ill or elderly.

FINRA proposed the addition of a new rule to the Codes of Arbitration Procedure to allow an accelerated arbitration process if the claimant:

1. is at least 75 years old; or
2. certifies that he or she has received a medical diagnosis, and based on that assessment, reasonably believes faster processing is needed to prevent prejudicing the individual's interest in the arbitration.

FINRA stated that the proposed rule will allow protected individuals the opportunity to engage in meaningful FINRA arbitrations, no matter the individual's age or health status.

Comments must be submitted to FINRA by May 16, 2022.