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The purpose of arbitration is to provide a method for the fair and impartial settlements of disputes that the parties are unable to resolve between themselves. NFA arbitration is generally faster and less expensive than alternative methods of settling controversies. And if hearings are necessary, they are informal, don't require that either party have a lawyer and can often be scheduled at a location convenient for the parties.
On October 1, 2001, NFA became the first regulatory organization in the financial services industry to accept arbitration claims online. Within minutes of filing NFA will send a reply to the filing party stating the claim has been received. This means that the customer has confirmation NFA has received it and NFA staff has it faster and can start processing the claim.
NFA offers two separate arbitration programs:
Customer Arbitration is designed for disputes involving customers and NFA Members, their employees and Associates.
Member Arbitration is designed for disputes between and among NFA Members and Associates.
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