(Reuters) - Wall Street veterans would no longer be allowed to act as arbitrators in many legal disputes between investors and their brokerages under a proposal that a U.S. regulator will present to its board on Thursday, a person familiar with the matter said. The plan by the U.S. brokerage industry self-regulator, the Financial Industry Regulatory Authority (FINRA), would mean that investors could opt to have their cases heard by a panel of three so-called public arbitrators who would not include people who had past industry ties. FINRA allows people who have been out of the industry for at least five years - but who may have worked in it as many as 20 years - to hear cases as public arbitrators. Under the plan, these people could instead become "non-public arbitrators," required to have industry experience and typically hear disputes between industry entities.
via Business News - Yahoo Finance http://ift.tt/1kwqDs3
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