December 3, 2010
I support the rule change. While an equal problem, in my opinion, is the public arbitrator who wants to continue to be selected by the broker-dealers who are return customers, and the public arbitrator who wants his law firm to get more broker-dealer business, nevertheless eliminating the industry arbitrator is a good first step. The requirement of an industry arbitrator on the panel is a clear statement of the bias of FINRA and of the master-servant nature between the industry and FINRA. I will now hope to see true fairness come to the FINRA arbitration process by FINRA providing competition, i.e., the elimination of mandatory arbitration.