The New Brunswick Financial and Consumer Services Commission (FCSC) began operation on July 1.
The FCSC was established by the province of New Brunswick to bring together the regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires, and loan and trust companies.
“We live in a world with a rapidly changing financial and consumer services marketplace where increasingly complex products and services are being offered,” said David Barry, chairman of the FCSC, in a release.
“Under this new model, the regulation of financial services in New Brunswick will be more effective with consistent and appropriate regulatory oversight allowing us to respond to evolving marketplace needs.”
A full list of the types of businesses that are covered under the new legislation is available online: www.fcnb.ca.
The new body will provide a one-stop point of contact for financial services consumers in the province.
“Information is power for consumers; we will be providing information that can help them make informed purchasing and investing decisions,” said Barry. “New Brunswickers can contact us when they have questions or concerns related to their financial services.”
The CEO is responsible for the overall operation of the FCSC, which will have offices in Saint John and in Fredericton.
The FCSC is an arm’s-length Crown Corporation self-funded by the fees and assessments paid by the regulated sectors.
The same Legislation that created the FCSC has also created a Tribunal to perform required adjudicative functions. The Tribunal will operate independently from the administration and policymaking functions of the FCSC. It will hear matters related to enforcement as well as appeals of a regulatory decision made by FCSC staff. The independent Tribunal will provide the regulated sectors with a transparent and consistent hearing process.