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Well, first of all, what is FINRA? FINRA is the Financial Industry Regulatory Authority. It is the regulator that governs stockbrokerage firms. And FINRA among the things that they do is they provide an arbitration forum when there are disputes. Now most customers when they open accounts whether they realize it or not they’re signing in their account agreement and agreement to arbitrate any disputes they might ultimately have with their financial advisors. So if they have a dispute they’re required to bring that case to arbitration as opposed to a court of law and FINRA is the organization that actually supplies the forum to have those disputes heard.
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Minneapolis, MN investor advocacy attorney F. Chet Taylor talks about FINRA Arbitration.