Fees
FINRA’s arbitration and mediation fee tables can be found within the FINRA Rules.
- The Code of Arbitration Procedure for Customer Disputes, Section 12000, contains the fees for customer or investor cases.
- The Code of Arbitration Procedure for Industry Disputes, Section 13000, contains the fees for intra-industry cases.
- The Code of Mediation Procedure, Section 14000, contains the fees for mediations.
The information in the section is intended to provide a general understanding. Fees for arbitration and mediation vary based on the specific nature of each case.
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Arbitration Fees
Arbitration fees consist mainly of filing fees and hearing fees. Additional fees are charged for other procedural processes that are needed in a specific case (e.g., discovery motion fees or adjournment fees) as well as fees for the role you play in the case (e.g., member surcharges). If you have an attorney representative, they too will charge fees. We offer a list of arbitration fees and terms below, and a fee calculator to assist you with estimating case fees. Typically, parties are responsible for their own fees unless the arbitrators rule otherwise.
Please contact your regional arbitration staff for case specific fee questions.
| Filing Fees | Customer Code | Industry Code | |
|---|---|---|---|
| Initial Filing Fee | The fee a claimant pays to file a claim. Partly refundable. | 12900 | 13900 |
| Counterclaim, Cross Claim and Third Party Claim Filing Fee | The fee a respondent pays to file a counterclaim, cross claim or third party claim. Partly refundable. | 12900 | 13900 |
| Statutory Discrimination Filing Fee Claimant | The fee a claimant pays to file a claim involving statutory employment discrimination claims. | n/a | 13802 |
| Hearing Fees | Customer Code | Industry Code | |
|---|---|---|---|
| Hearing Session Fees | The fees arbitrators assess to parties for each hearing session. A hearing session is any meeting between the parties and arbitrator(s) of four hours or less, including a hearing or a prehearing conference. Thus, two hearing sessions may be held in one day. | 12100(p) 12902 | 13100(p) 13902 |
| Brokerage Firm Fees (Arbitrators may not assess any of the surcharge and processing fees or the statutory discrimination filing fee paid by the respondent against other parties.) | Customer Code | Industry Code | |
|---|---|---|---|
| Member Surcharge | A surcharge based on the amount of the initial claim that will be assessed against each member that: (1) files a claim, counterclaim, cross claim, or third party claim; (2) is named as a respondent in a claim, counterclaim, cross claim, or third party claim; or 3) employed, at the time the dispute arose, an associated person who is named as a respondent in a claim, counterclaim, cross claim, or third party claim. | 12901 | 13901 |
| Member Process Fee | A non-refundable fee assessed to each member that is a party to an arbitration when FINRA sends the arbitrator lists to the parties. The fee amount is based on the largest amount in dispute in the case. If an associated person of a member is a party, the member that employed the associated person at the time the dispute arose will be charged the process fees, even if the member is not a party. No member shall be assessed more than one process fee in any arbitration. | 12903 | 13903 |
| Statutory Discrimination Filing Fee Respondent | The fee assessed to the member in cases involving statutory employment discrimination claims where there is a pre-dispute agreement to arbitrate. | n/a | 13802 |
| Injunctive Claim Fees | Customer Code | Industry Code | |
|---|---|---|---|
| Injunctive Relief Expedited Processing Fee | The fee a claimant pays to file an injunctive claim. The fee is in addition to all other required non-refundable filing fees. | n/a | 13804 |
| Injunctive Relief Arbitrator Honoraria Fee | The fee assessed to parties when they choose to pay the arbitrator more than the arbitrators' regular honoraria fee in injunctive hearings as described in the Codes of Arbitration Procedure. The fee amount is the difference between the standard rate and the agreed upon rate. | n/a | 13804 |
| Injunctive Relief Arbitrator Expenses | The fee assessed to parties for the arbitrators' travel-related expenses in injunctive cases when the arbitrator selected resides in another hearing location. | n/a | 13804 |
| Adjournment Fees | Customer Code | Industry Code | |
|---|---|---|---|
| Adjournment Fees | The fee assessed when the arbitrators grant a party's postponement request. FINRA will not assess an adjournment fee in certain circumstances. | 12601 | 13601 |
| Last Minute Adjournment Fee | The fee assessed when a party requests a postponement or cancellation or the case is settled or withdrawn within 10 days before a scheduled hearing session and the arbitrators grant the request. This fee is in addition to the adjournment fee, and will not be waived as a result of mediating through FINRA. | 12601 | 13601 |
| Late Prehearing Cancellation Fee | The fee assessed when a party requests a postponement or cancellation or the case is settled or withdrawn within 3 business days before a scheduled pre-hearing conference call. | 12214(a)(6) | 12214(a)(6) |
| Other Fees | Customer Code | Industry Code | |
|---|---|---|---|
| Discovery Motion Fee | The fee assessed when arbitrators decide a discovery motion without a hearing. | 12214(c) | 13214(c) |
| Contested Subpoena Fee | The fee assessed when arbitrators decide a contested motion for the issuance of a subpoena without a hearing. | 12214(c) | 13214(c) |
| Contested Orders for Production or Appearance Fee | The fee assessed when arbitrators decide a contested motion for the issuance of an order of production or appearance without a hearing. | 12214(c) | 13214(c) |
| Administrative Cost | Cost assessed to the parties for special services requested by parties (e.g. copies of documents of box retrieval fees). | n/a | n/a |
| Non-Sufficient Funds Fee | The fee FINRA assesses when the bank returns a check due to insufficient funds. | n/a | n/a |
Mediation Fees
FINRA mediation is voluntary, but more cost effective than arbitration. Mediation fees consist mainly of filing fees and the mediator’s session fee. Mediators set their own rates which are clearly stated on their disclosure reports, and will be provided to parties during the selection process. Sometimes a mediator may require a deposit or they may charge cancellation fees. Travel, room rental, and administrative fees may also be assessed. All fees are apportioned equally unless parties agree to a different arrangement.
Please see our FAQ below, or contact your regional mediation staff for case specific fee questions.
When is a Mediation Filing Fee due?
The Mediation Filing Fee is assessed and billed when parties agree to mediate and open a case with FINRA. All fees are payable upon receipt of a FINRA invoice.
What is the average Mediator’s Fee?
Fees range based on geography, experience and demand. However, an approximate average is between $350 and $550 an hour.
When are Mediator Session Fees due?
After the conclusion of a case, the mediator submits their Mediator Payment Form, and then FINRA staff will issue invoices. On occasion, a Mediation Session Deposit will be collected prior to the mediation, based on the mediator's request.
I received an invoice for a Mediation Session Deposit. What does this cover?
Parties sometimes receive an invoice for anticipated costs prior to the start of a mediation. The costs are divided equally between mediating parties, unless parties agree in writing to a different arrangement. Any unused funds will be applied to any outstanding case fees, including arbitration fees. FINRA will refund the remaining balance about 45 days after the case concludes.
What if parties decide that mediation fees will be divided differently?
Parties may agree to a different arrangement and should communicate that information to the FINRA Mediation Administrator assigned to their case, or to the mediator during the mediation or at the conclusion of the mediation session. FINRA will invoice accordingly.
How do I pay the amount due on the invoice?
Invoices have a detachable remittance stub. Please return the stub with your check made payable to "FINRA". Please write the invoice number on your check, and mail payments to:
FINRA
P.O. Box 418911
Boston, MA 02241-8911
Please do not send payments to the regional Dispute Resolution office.
What is a statement of account? When will I receive one?
A statement of account is a record of all transactions that have occurred in your account. Statements include all invoices, as well as payments, and any other activity. You will receive a final statement of account (with a complete listing of all your fees, credits and payments) within 45 days after FINRA closes your case. You will also receive a statement of account when there is an unpaid balance for more than 30 days.
If I have two invoices, do I pay both of them?
Generally, you should pay the Total Amount Due on the most current invoice, because any balance due from a previous invoice will carry over as the Balance Forward Amount.
What time period does the invoice cover?
An invoice represents the fee assessments in a one-week period. The date of each assessment is listed under the column, "Current Assessments." Weekly Invoices are generated only for parties that have incurred fees in that period.
Who do I contact with questions?
The FINRA Finance Department will answer all questions regarding balances due and payments. You may contact the FINRA Finance Department at (240) 386-5910, or by email.
FINRA Dispute Resolution Services will respond to all other questions regarding fee assessments.
If I postpone my FINRA arbitration in order to mediate will my adjournment fee be waived?
If parties postpone their arbitration hearing to mediate through FINRA, DRS will waive the adjournment fee. Parties will, however, continue to be responsible for additional fees described in FINRA Rule 12601(b)(2)/13601(b)(2) for late postponement requests. If parties postpone the hearing within 10 days of the first regular scheduled hearing, even if it is their first postponement to mediate or the panel waives a subsequent postponement fee, the parties will be assessed a late cancellation fee to be paid to the panel.
Waivers and Refunds
Waivers
Investors and associated persons may submit a written request to their arbitration or mediation case administrator for a fee waiver stating the reason(s) that would make payment of the filing fee a financial hardship. In support of the request, parties should include with the written request:
- Two most recently filed tax returns;
- W-2 statement for the past two years;
- Bank statement for the past three months;
- Three of your most recent pay stubs; and/or
- Evidence of garnishments, liens, judgments, and other debts.
If a party is unable to provide this documentation in support of financial hardship, the party may submit an affidavit attesting to financial hardship.
After FINRA reviews the documentation, FINRA will provide written notice of its decision. Note that for mediation, the mediator’s session fee is not waivable.
Refunds
For arbitrations, FINRA will issue a partial refund of the filing fee, less any fees or costs owed by that party, if the party notifies FINRA that the case is settled or withdrawn more than 10 calendar days before a scheduled hearing. Any refunds will be paid directly to the named parties, even if a non-party made payment on behalf of the named parties.
FINRA will not issue a refund if a party notifies FINRA that a claim is settled or withdrawn within 10 calendar days of a scheduled hearing.
The mediation filing fee is non-refundable, though it can be waived for hardship (see above).
The FINRA Finance Department will answer all questions regarding refunds. Contact the FINRA Finance Department at (240) 386-5910, or by email.