What is the mediation process?
There are essentially 5 steps to a successful mediation. They are comprised of the introduction; statement of the problem; information gathering; identification of the problems; bargaining; and finally, settlement.
The mediator assists and guides the parties toward their own resolution. The mediator does not decide the outcome, but helps the parties understand and focus on the important issues needed to reach a resolution.
FINRA mediators (Financial Industry Regulatory Authority) are skilled at sifting through the facts, emotions and individual interests of the parties involved to determine what the issues are and what a fair outcome could be for the parties.
The mediator’s securities expertise helps the mediator clarify the issues and assess the strengths and weaknesses of each party’s case. The mediator also offers creative approaches and innovative solutions, while maintaining an unbiased perspective.
A mediator’s duties are:
- To conduct a mediation in a fair and unbiased manner;
- To decline or withdraw from a mediation if the mediator cannot remain impartial;
- To avoid a conflict of interest or an appearance of a conflict of interest during and after a mediation;
- To make reasonable inquiries to determine any potential conflicts;
- To maintain the confidentiality of a mediation; and
- To conduct the mediation in accordance with FINRA procedures, the Code of Mediation Procedure and the provisions of the Standards of Conduct for Mediators.