What is mediation and how is it different than arbitration?

A: Mediation is a voluntary, informal dispute resolution process that may occur on a parallel track to the pending formal FINRA arbitration process. The parties determine who the mediator will be, and where and when the mediation will take place. The mediator's role is not to determine an outcome, but rather to facilitate negotiations between the parties in order to help them find a solution. The parties can still pursue the formal arbitration if the negotiations are unsuccessful.