FINRA's Audit Committee retained independent counsel to review the arbitrator selection process in a proceeding in which an award was vacated by a judge in an Atlanta Superior Court.
FINRA said that the independent review would determine whether FINRA's Dispute Resolution Services ("DRS") "complied with its rules, policies and procedures for arbitrator selection." FINRA stated that it wanted to ensure that DRS provided a "fair and neutral" arbitration forum, and that the outside law firm was conducting the review to examine if "improvements to the process may be warranted." FINRA noted that its members are not required to use its Dispute Resolution Services, and that FINRA operates the forum pursuant to SEC-approved rules.
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