Financial and Consumer Services Commission (FCNB) provides New Brunswickers with the knowledge, skills, and confidence to make informed spending and investing decisions.
We inform, educate, and protect over 750,000 consumers through regulation and financial education, and we regulate 34,000 industry participants who make their living working with New Brunswickers’ money.
As the province’s financial and consumer services regulator, we are responsible for the administration and enforcement of provincial legislation that regulates securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and more.
Financial and Consumer Services Commission (FCNB) is comprised of ten distinct divisions.
The Insurance Division administers the Insurance Act through the regulation, oversight, and licensing of insurers and insurance intermediaries (adjusters, agents and brokers, damage appraisers). This includes life, health, property, and casualty insurance.
The Pension Division is responsible for the enforcement of standards prescribed under the Pension Benefits Act and for the investigation of alleged violations. This division performs a variety of services, such as reviewing and registering documents that create and support pension plans, providing requested information about pension plans and retirement savings arrangements, and monitoring private pension plans to ensure compliance with the Act and its regulations.
The Securities Division administers the Securities Act through the regulation and oversight of registrants, securities issuers, and self-regulatory organizations. It reviews offering documents, continuous disclosure documents, and exemption applications to ensure these filings comply with securities laws. This division reviews applications for registration from dealers and advisers who are in the business of trading or advising in securities.
The Financial Institutions Division oversees the financial stability and solvency of credit unions for the protection of depositors and provides the related corporate registry services. It oversees the financial stability and solvency of provincially incorporated loan and trust companies, as well as regulating the licensing of extra-provincial loan and trust companies. This division is also responsible for the regulation and the incorporation of cooperatives.
The Consumer Affairs Division administers a wide range of consumer legislation. Activities include investigating consumer complaints, providing information and direction to the public on how to resolve their complaints, educating consumers and businesses on their rights and responsibilities, and issuing licences for the businesses under our consumer legislation.
The Enforcement Division is responsible for the assessment, investigation, and, in appropriate cases, prosecution of violations of the various laws over which FCNB has authority.
The Education and Communications Division is responsible for the development and delivery of FCNB’s financial literacy, consumer protection and awareness materials and for delivering presentations and workshops on these topics throughout the province.
Additionally, FCNB depends on the expertise of professionals in Legal Services, Information Technology and Regulatory Informatics, and Corporate Services.
Financial and Consumer Services Commission (FCNB) is a Crown corporation created for the purpose of administering financial and consumer services legislation in New Brunswick. Commission staff discharge the responsibilities prescribed by legislation and are overseen by Commission Members.
Financial and Consumer Services Commission (FCNB) Commission Members, led by the independent chair, are accountable to the government through the Minister of Finance for the proper administration of the financial and consumer services legislation. Members act as the board of directors; they develop policies, recommend changes to legislation and are responsible for management oversight. The chair presides over the Commission in its corporate capacity as a board of directors and in its capacity as a regulatory policy-maker.
The chief executive officer of is responsible for the overall performance and management of the Commission, its staff and its day-to-day operations.
Under the Financial and Consumer Services Act A tribunal called the Financial and Consumer Services Tribunal has been established. The Financial and Consumer Services Tribunal performs adjudicative functions of the regulated sectors’ legislation independently from the activities of the Commission.
Our Governance Policy (PDF) includes details of efforts to ensure good governance and accountability.
It also includes the terms of reference for each of the Commission’s standing committees: the Audit and Risk Management Committee, and the Human Resources and Governance Committee.
The objective of the policy is to provide a flexible and practical framework for effective management and decision-making by the Commission. We report on our governance practices annually.