The Steps in a FINRA Arbitration Claim
A practical, stage-by-stage walkthrough of how an investor’s claim moves from first review to a collected award, and what happens at each point along the way.
Start With a Free Case ReviewFrom First Call to Final Award: What Actually Happens
This page is the practical map. It follows a claim through each stage so you know what to expect, what your attorney handles, and what is asked of you. For the bigger picture of why FINRA arbitration is structured the way it is and why it tends to favor investors, see the FINRA arbitration process overview.
One step comes before all the others. FINRA will not hear a claim filed more than six years after the events behind it. Confirm your timing early using the six-year eligibility rule before anything else.
The Stages of a FINRA Arbitration
Confirm your claim is timely
Before anything else, your attorney checks the six-year eligibility window and any other deadlines. Miss this and the strongest claim cannot be heard.
Gather your records
Account statements, the new-account form, trade confirmations, and any emails or notes. These documents are the backbone of the case and shape everything that follows.
Evaluate the claim and quantify losses
Your attorney reviews suitability and calculates what you lost against what a properly handled account should have done. Our case evaluation and loss calculator both feed this step.
File the Statement of Claim
The case formally begins with a Statement of Claim that lays out the misconduct, the rules broken, and the damages sought, filed with FINRA along with the filing fee.
The firm answers
The brokerage files its Answer, usually denying responsibility and raising defenses. The size of the claim sets the panel structure and path from here.
Select the arbitrators
Both sides rank and strike names from FINRA-supplied lists to seat the panel that will decide the case. How this is done matters a great deal. See arbitrator selection.
Exchange discovery
The parties trade documents and answer information requests. FINRA has presumptively discoverable document lists that work in an investor’s favor.
Attend pre-hearing conferences
The panel sets the schedule, resolves discovery disputes, and handles procedural motions in conferences held by phone before the hearing.
Present the case at hearing
At the evidentiary hearing each side presents witnesses, documents, and argument. Many cases also resolve through settlement before reaching this stage.
Receive and collect the award
The panel issues a written award, typically within 30 days of the hearing’s close. FINRA rules require members to pay awards promptly, and your attorney enforces collection if they do not.
A Realistic Timeline
Every case is different, but the stages tend to fall into predictable ranges.
A standard case commonly runs about 14 to 16 months from the Statement of Claim to the evidentiary hearing.
Claims at or below the simplified-arbitration threshold can resolve faster, often decided on the documents without an in-person hearing.
A large share of cases settle before hearing. Settlement can happen at almost any stage once the firm understands the exposure.
Before You File
Preserve everything
Keep every statement, confirmation, and message. Do not rely on the firm’s portal staying open to you.
Note the dates
When were the investments made? The six-year clock turns on timing, so a rough chronology helps immediately.
Do not sign anything new
Be cautious with any release, amendment, or account change the firm asks you to sign after a dispute arises.
Get an evaluation
A free case evaluation tells you whether the losses are recoverable before you commit to anything.
FINRA Arbitration Steps: Frequently Asked Questions
Case costs and expenses are payable from any recovery as provided in the written engagement agreement.
Find Out Which Step You Are On
Tell us what happened and we will tell you whether your claim is timely, what it may be worth, and what the next step is.
Start With a Free Case ReviewFormer SEC Senior Enforcement Counsel · FINRA NAMC Public Member · Attorney, CPA, CGMA · Investor-Side Only · Contingency