The Financial Industry Regulatory Authority is seeking to modify the way customers select their arbitration panel.

At its meeting last week, the regulator’s Board of Directors authorized FINRA to file amendments to Rule 12403, which governs panel selection. The changes, which would go into effect upon the SEC’s approval, are focused how consumers choose between public arbitrators, who are unaffiliated with the industry, and those who are non-public and have financial services experience.

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