FINRA Arbitrator Selection
Practice Area · FINRA Arbitration Process

FINRA Arbitrator Selection: How Your Panel Is Chosen and Why It Matters

The arbitrators who decide your case are not randomly assigned. They are selected through a structured process that both sides participate in, and the choices your attorney makes can significantly affect the outcome.

Get a Free Case Evaluation
The Selection Process

How FINRA's Arbitrator Selection Process Works

FINRA uses a Neutral List Selection System (NLSS) to generate arbitrator lists from its national roster of approved arbitrators. The pool consists of two categories: public arbitrators (those with no material connection to the securities industry) and non-public arbitrators (those with industry experience, including former brokers, compliance officers, and securities attorneys).

For claims under $100,000, a single arbitrator typically decides the case. For larger claims, a three-arbitrator panel is typically used. In three-person panels, at least two of the three must be public arbitrators, and investors have the right to an all-public panel, meaning all three arbitrators are public rather than industry-affiliated.

Getting these choices right, and understanding how to evaluate the arbitrators on the list you receive, is a skill that comes only from experience and direct knowledge of FINRA's arbitration system.

Step by Step

The Arbitrator Selection Process, Step by Step

1

Neutral List Generated

After a Statement of Claim is filed and answered, FINRA generates a list of arbitrator candidates from its roster using the NLSS algorithm. For a three-person panel, you will typically receive a list of 10 public arbitrator candidates and, unless you elect an all-public panel, a list of 10 non-public candidates for the third seat.

2

Disclosure Review

Each arbitrator candidate provides a disclosure report listing their professional background, prior arbitration cases, any potential conflicts of interest, and whether they have been challenged or removed from a panel. Both sides receive these disclosures and have a defined period to review them.

3

Ranking and Striking

Each party may strike any number of candidates from the list for any reason (or no reason), and then rank the remaining candidates in order of preference. There is no requirement to disclose who you struck or why. FINRA then selects the panel from the remaining candidates based on the combined rankings of both parties.

4

All-Public Panel Option

Investors have the right to request an all-public panel, eliminating the non-public (industry-affiliated) arbitrator seat. This option must be requested within 35 days of receiving the initial arbitrator list. The decision of whether to request an all-public panel is strategic and depends on the specific candidates available.

5

Challenge for Cause

If a party believes an arbitrator has a conflict of interest or bias that was not adequately disclosed, they may file a motion to disqualify that arbitrator for cause. The standard for disqualification is evident partiality that would preclude a fair hearing. These motions are rarely successful but are important when a genuine conflict exists.

Evaluating Arbitrators

What Experienced Investor Attorneys Look For When Ranking Arbitrators

  • Award history: FINRA publishes arbitration awards, and a careful review of an arbitrator's prior awards can reveal patterns in how they view investor claims, credibility findings, and damages calculations.
  • Professional background: A former regulator, law professor, or financial planner may approach cases very differently from a retired bank officer or compliance manager from the same industry that caused the investor's loss.
  • Industry connections: Even for public arbitrators, prior professional relationships with the financial industry, including consulting work, expert witness testimony for brokerage firms, or board memberships, should be evaluated carefully.
  • Disclosure completeness: An arbitrator with incomplete or sparse disclosures may not be properly candid about potential conflicts. Disclosures should be read carefully and compared against public records.
  • Case type experience: Arbitrators with experience in the specific type of case at issue (for example, elder financial exploitation, GWG L Bond cases, or variable annuity suitability disputes) may be preferable to those without relevant background, or less preferable depending on the circumstances.
The Ultimate Insider Advantage

An FINRA NAMC Member Selecting Your Arbitration Panel

Jorge L. Riera is one of only 7 Public Members of FINRA's National Arbitration and Mediation Committee, appointed by the FINRA Board of Governors. The NAMC is the governing body that sets the policies and procedures for FINRA's dispute resolution process, including the rules that govern arbitrator selection, arbitrator qualification, and the management of the national arbitrator roster.

What NAMC Membership Means for Arbitrator Selection

Understanding the arbitrator selection system from the inside, including how arbitrators are approved, what disclosures are required, how the NLSS algorithm works, and what FINRA's policies are on arbitrator conflicts, translates directly into better arbitrator selection decisions for investor clients. Jorge brings knowledge of FINRA's system that no amount of outside observation can replicate.

PLI Securities Arbitration Faculty

As a faculty member and panel moderator for the Practising Law Institute's 2026 Securities Arbitration conference, Jorge teaches other securities attorneys about FINRA arbitration procedure and best practices, including arbitrator selection strategy. Clients of this firm benefit from that expertise directly.

Every investor claim we handle includes full arbitrator selection strategy as part of our representation. No additional fee for this critical work.


Discuss Your Case Today

or call (305) 204-9779

Common Questions

FINRA Arbitrator Selection: Frequently Asked Questions

Not necessarily. The decision depends on who is on the available lists. Some non-public arbitrators who are former regulators, plaintiff-side attorneys, or academics with a strong investor-protection background can be highly favorable to investor claimants. The decision should be made after reviewing the specific candidates on your list, not based on a blanket policy. Your attorney should evaluate the available candidates before making this election.
Yes, to a degree. FINRA publishes arbitration awards on its website, and awards identify the arbitrators who issued them. A thorough research of an arbitrator's award history, including how they handled damages questions, credibility findings, and motions, can provide valuable information. However, many arbitration proceedings result in settlements before an award is issued, so the award record may not be complete.
You should immediately bring the potential conflict to your attorney's attention. Depending on the nature of the conflict, it may be an undisclosed relationship, a prior business dealing, or a connection to the respondent firm, your attorney can raise it with FINRA and file a motion to disqualify for cause. The motion should be raised promptly; delay in raising a known conflict can waive the right to challenge.
NAMC Insider Knowledge. Your Advantage.

Arbitrator Selection Is Too Important to Leave to Chance

The panel that hears your case is one of the most important factors in the outcome. Representing you means getting this right. Contact the firm for a free consultation.

Request a Free Consultation

or call (305) 204-9779

Jorge L. Riera, Esq., CPA, CGMA, MAcc · Former SEC Senior Enforcement Counsel · FINRA NAMC Public Member & Expungement Subcommittee Chair · AV Preeminent (Martindale-Hubbell) · Avvo 10.0 · PLI Securities Arbitration Faculty 2026 · Contingency Fee Representation

Related Practice Areas

Securities Arbitration 2026 FINRA Six-Year Rule How to Choose a Securities Attorney Investment Adviser vs. FINRA Arbitration
Practice Area · FINRA Arbitration Process

FINRA Arbitrator Selection: How Your Panel Is Chosen and Why It Matters

The arbitrators who decide your case are not randomly assigned. They are selected through a structured process that both sides participate in, and the choices your attorney makes can significantly affect the outcome.

Get a Free Case Evaluation
The Selection Process

How FINRA's Arbitrator Selection Process Works

FINRA uses a Neutral List Selection System (NLSS) to generate arbitrator lists from its national roster of approved arbitrators. The pool consists of two categories: public arbitrators (those with no material connection to the securities industry) and non-public arbitrators (those with industry experience, including former brokers, compliance officers, and securities attorneys).

For claims under $100,000, a single arbitrator typically decides the case. For larger claims, a three-arbitrator panel is typically used. In three-person panels, at least two of the three must be public arbitrators, and investors have the right to an all-public panel, meaning all three arbitrators are public rather than industry-affiliated.

Getting these choices right, and understanding how to evaluate the arbitrators on the list you receive, is a skill that comes only from experience and direct knowledge of FINRA's arbitration system.

Step by Step

The Arbitrator Selection Process, Step by Step

1

Neutral List Generated

After a Statement of Claim is filed and answered, FINRA generates a list of arbitrator candidates from its roster using the NLSS algorithm. For a three-person panel, you will typically receive a list of 10 public arbitrator candidates and, unless you elect an all-public panel, a list of 10 non-public candidates for the third seat.

2

Disclosure Review

Each arbitrator candidate provides a disclosure report listing their professional background, prior arbitration cases, any potential conflicts of interest, and whether they have been challenged or removed from a panel. Both sides receive these disclosures and have a defined period to review them.

3

Ranking and Striking

Each party may strike any number of candidates from the list for any reason (or no reason), and then rank the remaining candidates in order of preference. There is no requirement to disclose who you struck or why. FINRA then selects the panel from the remaining candidates based on the combined rankings of both parties.

4

All-Public Panel Option

Investors have the right to request an all-public panel, eliminating the non-public (industry-affiliated) arbitrator seat. This option must be requested within 35 days of receiving the initial arbitrator list. The decision of whether to request an all-public panel is strategic and depends on the specific candidates available.

5

Challenge for Cause

If a party believes an arbitrator has a conflict of interest or bias that was not adequately disclosed, they may file a motion to disqualify that arbitrator for cause. The standard for disqualification is evident partiality that would preclude a fair hearing. These motions are rarely successful but are important when a genuine conflict exists.

Evaluating Arbitrators

What Experienced Investor Attorneys Look For When Ranking Arbitrators

  • Award history: FINRA publishes arbitration awards, and a careful review of an arbitrator's prior awards can reveal patterns in how they view investor claims, credibility findings, and damages calculations.
  • Professional background: A former regulator, law professor, or financial planner may approach cases very differently from a retired bank officer or compliance manager from the same industry that caused the investor's loss.
  • Industry connections: Even for public arbitrators, prior professional relationships with the financial industry, including consulting work, expert witness testimony for brokerage firms, or board memberships, should be evaluated carefully.
  • Disclosure completeness: An arbitrator with incomplete or sparse disclosures may not be properly candid about potential conflicts. Disclosures should be read carefully and compared against public records.
  • Case type experience: Arbitrators with experience in the specific type of case at issue (for example, elder financial exploitation, GWG L Bond cases, or variable annuity suitability disputes) may be preferable to those without relevant background, or less preferable depending on the circumstances.
The Ultimate Insider Advantage

An FINRA NAMC Member Selecting Your Arbitration Panel

Jorge L. Riera is one of only 7 Public Members of FINRA's National Arbitration and Mediation Committee, appointed by the FINRA Board of Governors. The NAMC is the governing body that sets the policies and procedures for FINRA's dispute resolution process, including the rules that govern arbitrator selection, arbitrator qualification, and the management of the national arbitrator roster.

What NAMC Membership Means for Arbitrator Selection

Understanding the arbitrator selection system from the inside, including how arbitrators are approved, what disclosures are required, how the NLSS algorithm works, and what FINRA's policies are on arbitrator conflicts, translates directly into better arbitrator selection decisions for investor clients. Jorge brings knowledge of FINRA's system that no amount of outside observation can replicate.

PLI Securities Arbitration Faculty

As a faculty member and panel moderator for the Practising Law Institute's 2026 Securities Arbitration conference, Jorge teaches other securities attorneys about FINRA arbitration procedure and best practices, including arbitrator selection strategy. Clients of this firm benefit from that expertise directly.

Every investor claim we handle includes full arbitrator selection strategy as part of our representation. No additional fee for this critical work.


Discuss Your Case Today

or call (305) 204-9779

Common Questions

FINRA Arbitrator Selection: Frequently Asked Questions

Not necessarily. The decision depends on who is on the available lists. Some non-public arbitrators who are former regulators, plaintiff-side attorneys, or academics with a strong investor-protection background can be highly favorable to investor claimants. The decision should be made after reviewing the specific candidates on your list, not based on a blanket policy. Your attorney should evaluate the available candidates before making this election.
Yes, to a degree. FINRA publishes arbitration awards on its website, and awards identify the arbitrators who issued them. A thorough research of an arbitrator's award history, including how they handled damages questions, credibility findings, and motions, can provide valuable information. However, many arbitration proceedings result in settlements before an award is issued, so the award record may not be complete.
You should immediately bring the potential conflict to your attorney's attention. Depending on the nature of the conflict, it may be an undisclosed relationship, a prior business dealing, or a connection to the respondent firm, your attorney can raise it with FINRA and file a motion to disqualify for cause. The motion should be raised promptly; delay in raising a known conflict can waive the right to challenge.
NAMC Insider Knowledge. Your Advantage.

Arbitrator Selection Is Too Important to Leave to Chance

The panel that hears your case is one of the most important factors in the outcome. Representing you means getting this right. Contact the firm for a free consultation.

Request a Free Consultation

or call (305) 204-9779

Jorge L. Riera, Esq., CPA, CGMA, MAcc · Former SEC Senior Enforcement Counsel · FINRA NAMC Public Member & Expungement Subcommittee Chair · AV Preeminent (Martindale-Hubbell) · Avvo 10.0 · PLI Securities Arbitration Faculty 2026 · Contingency Fee Representation

Related Practice Areas

Securities Arbitration 2026 FINRA Six-Year Rule How to Choose a Securities Attorney Investment Adviser vs. FINRA Arbitration
Practice Area · FINRA Arbitration Process

FINRA Arbitrator Selection: How Your Panel Is Chosen and Why It Matters

The arbitrators who decide your case are not randomly assigned. They are selected through a structured process that both sides participate in, and the choices your attorney makes can significantly affect the outcome.

Get a Free Case Evaluation
The Selection Process

How FINRA's Arbitrator Selection Process Works

FINRA uses a Neutral List Selection System (NLSS) to generate arbitrator lists from its national roster of approved arbitrators. The pool consists of two categories: public arbitrators (those with no material connection to the securities industry) and non-public arbitrators (those with industry experience, including former brokers, compliance officers, and securities attorneys).

For claims under $100,000, a single arbitrator typically decides the case. For larger claims, a three-arbitrator panel is typically used. In three-person panels, at least two of the three must be public arbitrators, and investors have the right to an all-public panel, meaning all three arbitrators are public rather than industry-affiliated.

Getting these choices right, and understanding how to evaluate the arbitrators on the list you receive, is a skill that comes only from experience and direct knowledge of FINRA's arbitration system.

Step by Step

The Arbitrator Selection Process, Step by Step

1

Neutral List Generated

After a Statement of Claim is filed and answered, FINRA generates a list of arbitrator candidates from its roster using the NLSS algorithm. For a three-person panel, you will typically receive a list of 10 public arbitrator candidates and, unless you elect an all-public panel, a list of 10 non-public candidates for the third seat.

2

Disclosure Review

Each arbitrator candidate provides a disclosure report listing their professional background, prior arbitration cases, any potential conflicts of interest, and whether they have been challenged or removed from a panel. Both sides receive these disclosures and have a defined period to review them.

3

Ranking and Striking

Each party may strike any number of candidates from the list for any reason (or no reason), and then rank the remaining candidates in order of preference. There is no requirement to disclose who you struck or why. FINRA then selects the panel from the remaining candidates based on the combined rankings of both parties.

4

All-Public Panel Option

Investors have the right to request an all-public panel, eliminating the non-public (industry-affiliated) arbitrator seat. This option must be requested within 35 days of receiving the initial arbitrator list. The decision of whether to request an all-public panel is strategic and depends on the specific candidates available.

5

Challenge for Cause

If a party believes an arbitrator has a conflict of interest or bias that was not adequately disclosed, they may file a motion to disqualify that arbitrator for cause. The standard for disqualification is evident partiality that would preclude a fair hearing. These motions are rarely successful but are important when a genuine conflict exists.

Evaluating Arbitrators

What Experienced Investor Attorneys Look For When Ranking Arbitrators

  • Award history: FINRA publishes arbitration awards, and a careful review of an arbitrator's prior awards can reveal patterns in how they view investor claims, credibility findings, and damages calculations.
  • Professional background: A former regulator, law professor, or financial planner may approach cases very differently from a retired bank officer or compliance manager from the same industry that caused the investor's loss.
  • Industry connections: Even for public arbitrators, prior professional relationships with the financial industry, including consulting work, expert witness testimony for brokerage firms, or board memberships, should be evaluated carefully.
  • Disclosure completeness: An arbitrator with incomplete or sparse disclosures may not be properly candid about potential conflicts. Disclosures should be read carefully and compared against public records.
  • Case type experience: Arbitrators with experience in the specific type of case at issue (for example, elder financial exploitation, GWG L Bond cases, or variable annuity suitability disputes) may be preferable to those without relevant background, or less preferable depending on the circumstances.
The Ultimate Insider Advantage

An FINRA NAMC Member Selecting Your Arbitration Panel

Jorge L. Riera is one of only 7 Public Members of FINRA's National Arbitration and Mediation Committee, appointed by the FINRA Board of Governors. The NAMC is the governing body that sets the policies and procedures for FINRA's dispute resolution process, including the rules that govern arbitrator selection, arbitrator qualification, and the management of the national arbitrator roster.

What NAMC Membership Means for Arbitrator Selection

Understanding the arbitrator selection system from the inside, including how arbitrators are approved, what disclosures are required, how the NLSS algorithm works, and what FINRA's policies are on arbitrator conflicts, translates directly into better arbitrator selection decisions for investor clients. Jorge brings knowledge of FINRA's system that no amount of outside observation can replicate.

PLI Securities Arbitration Faculty

As a faculty member and panel moderator for the Practising Law Institute's 2026 Securities Arbitration conference, Jorge teaches other securities attorneys about FINRA arbitration procedure and best practices, including arbitrator selection strategy. Clients of this firm benefit from that expertise directly.

Every investor claim we handle includes full arbitrator selection strategy as part of our representation. No additional fee for this critical work.


Discuss Your Case Today

or call (305) 204-9779

Common Questions

FINRA Arbitrator Selection: Frequently Asked Questions

Not necessarily. The decision depends on who is on the available lists. Some non-public arbitrators who are former regulators, plaintiff-side attorneys, or academics with a strong investor-protection background can be highly favorable to investor claimants. The decision should be made after reviewing the specific candidates on your list, not based on a blanket policy. Your attorney should evaluate the available candidates before making this election.
Yes, to a degree. FINRA publishes arbitration awards on its website, and awards identify the arbitrators who issued them. A thorough research of an arbitrator's award history, including how they handled damages questions, credibility findings, and motions, can provide valuable information. However, many arbitration proceedings result in settlements before an award is issued, so the award record may not be complete.
You should immediately bring the potential conflict to your attorney's attention. Depending on the nature of the conflict, it may be an undisclosed relationship, a prior business dealing, or a connection to the respondent firm, your attorney can raise it with FINRA and file a motion to disqualify for cause. The motion should be raised promptly; delay in raising a known conflict can waive the right to challenge.
NAMC Insider Knowledge. Your Advantage.

Arbitrator Selection Is Too Important to Leave to Chance

The panel that hears your case is one of the most important factors in the outcome. Representing you means getting this right. Contact the firm for a free consultation.

Request a Free Consultation

or call (305) 204-9779

Jorge L. Riera, Esq., CPA, CGMA, MAcc · Former SEC Senior Enforcement Counsel · FINRA NAMC Public Member & Expungement Subcommittee Chair · AV Preeminent (Martindale-Hubbell) · Avvo 10.0 · PLI Securities Arbitration Faculty 2026 · Contingency Fee Representation

Related Practice Areas

Securities Arbitration 2026 FINRA Six-Year Rule How to Choose a Securities Attorney Investment Adviser vs. FINRA Arbitration