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Ian Newbery - the Chartered Institute of Arbitrators has two schemes - small business disputes, and cost controlled arbitrations, in which the arbitrator must strive to ensure costs are less than 10% of the value. Neither precisely answers the point you make, but they are steps in the same direction.

The challenges are to publicise an arbitration scheme, have both parties agree to it (and why would corporate/insurer defendants, if court fees are a deterrent to issuing), and find arbitrators willing (and able) to arbitrate on low value disputes for low fees.