A collection of investor and consumer advocacy groups is calling on U.S. regulators to release research and data on the securities arbitration experience.

In a letter to the FINRA Dispute Resolution Task Force, the groups call for improved transparency about mandatory arbitration for investors by releasing data collected by regulators in a number of areas such as: investor awareness and understanding of binding mandatory arbitration; data from investigations regarding arbitration awards; analysis of arbitrators’ records; analysis of data on the likelihood of an investor prevailing on any particular type of claim; among other things.

“Important information about arbitrator selection and other elements of FINRA’s arbitration system remain unavailable to the public,” says the joint letter from Americans for Financial Reform, the Alliance for Justice, the Center for Justice and Democracy, Consumers Union, National Consumers League, Public Citizen, the National Association of Consumer Advocates, US PIRG, and the Public Investors Arbitration Bar Association (PIABA).

The group notes that the PIABA recently went to court to compel the U.S. Securities and Exchange Commission (SEC) to release certain arbitration data under the Freedom of Information Act, but the request was denied.

“As long as brokerage firms and investment advisers retain the ability to require investors to resolve disputes in arbitration, FINRA arbitration may be inherently biased against individuals. The system is ripe for change to level the playing field and ensure that every investor has the right to access the court system,” it says. “In the meantime, the task force has the ability to urge disclosure of critical information that will shed light on the FINRA arbitration system.”