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FINRA Considering New Fund for Unpaid Arbitration Awards

FINRA is looking into creating a new relief fund specifically for unpaid arbitration awards, a board member stating "it's being worked on" in an interview with Financial Planning.

The unpaid arbitration award relief fund would address the issue of investors who win awards from FINRA firms and brokers, but who are unable to collect on those claims due to the firm/broker's subsequent bankruptcy or other insolvency. For instance, $62 million in awards—amounting to about one in three—went unpaid in 2013.

Among the proposals to address the problem include PIABA's suggestion that FINRA members pay annual dues into a designated pool which would become the unpaid arbitration award fund: "The logical underpinning for charging FINRA and/or its members to fund the pool is simple: The wrongdoing giving rise to the unpaid awards was the result of wrongful conduct of FINRA members."

If you have invested with a FINRA-member firm or broker whose misconduct has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

News: FINRA considers creation of fund for unpaid arbitration awards (Financial Planning)

Categories: Arbitration, FINRA, Arbitrators
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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