FINRA arbitration under the fiduciary rule may tilt in clients’ favor more often, grow even more difficult for advisors and cut into firms’ longtime high success rate, according to one expert who has served as an arbitrator since 1999.
Arbitration, however, has not been in the spotlight as prominently as a class action provision in the rule's best interest contract exemption. Industry trade groups have been vigorously lobbying to remove the unimplemented provision, which fiduciary advocates say is an essential enforcement mechanism.
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