Wall Street watchdog to pick insider as arbitration head 

Ketchum speaks during the Investment Company Institute's Capital Markets Conference in New York

The Financial Industry Regulatory Authority has narrowed its search for a new head of its arbitration unit to two of its own long-time officials, according to a person familiar with the matter.

FINRA, Wall Street’s industry-funded watchdog, will replace the retiring chief of its arbitration unit with either Richard Berry, the unit’s director of case administration, or Kenneth Andrichik, its mediation director, the person said.

Linda Fienberg, who has been FINRA’s arbitration head for 18 years, will retire at the end of November, the regulator said last Wednesday.

FINRA develops and enforces securities industry rules, and oversees the forum in which investors must resolve their legal disputes with brokerage firms. Investors consent to the mandatory arbitration process when they sign agreements to open accounts.

Berry did not immediately return a call requesting comment. Andrichik declined to comment.

It is unclear when FINRA will make its decision, the person said.

Berry and Andrichik have long worked for FINRA and its predecessor organization, the National Association of Securities Dealers.

Source: Reuters

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