Online Arbitration Claim Filing Available from FINRA
Wednesday, July, 27, 2011
Online arbitration is in its infancy, but with the growth of the World Wide Web, it is becoming an accepted practice that reduces travel time and streamlines the arbitration process, particularly when the parties in dispute are located in different states or across national borders. The use of online technologies to facilitate arbitration procedures has become more widespread in recent years, to the point where now, FINRA, the Financial Industry Regulatory Authority responsible for many securities arbitration disputes, is working to actively improve its online claim filing system.
Online Arbitration Claim Filing Process Convenient and Efficient
The improved online claim filing process permits applicants to pay the filing fee on the website and submit a variety of forms and other documentation that are required, including a statement of claim and a claim information form. A useful feature of the new FINRA process is the way the system allows claimants to save claim information that is partially completed; the system will save the data for 60 days. Partially completed claims can also be used as templates for the filing of subsequent claims.