The Financial Industry Regulatory Authority (FINRA) has proposed a rule change aimed at accelerating arbitration proceedings for those who qualify due to age or health conditions. Under the proposal, individuals aged 70 or older or those with a serious health condition can request quicker processing of their cases to ensure they can participate meaningfully in the arbitration. FINRA aims to shorten the arbitration timeline to approximately ten months, compared to the standard process which can take much longer. The change is intended to ensure fairer outcomes for individuals who may otherwise face difficulties participating due to health or age-related issues.
Simple Explanation
FINRA wants to make things go faster in special money disagreements for people who are old or sick, so they don’t have to wait too long to get help. But some people worry that doing things quickly might be tricky and could cause problems for others.