New Brunswick’s consolidated financial services commission begins operation

New Brunswick’s consolidated financial services commission, which includes the regulatory authority for insurance, is now operational, barely a month after the government first introduced legislation to create the new body.

 The Financial and Consumer Services Commission, and independent organization, began operation July 1. The commission brings together the regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires as well as 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,” David Barry, chair of the commission, noted in a government statement.

“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.”

The commission has offices in Saint John and Fredericton and operates as an arm’s-length Crown corporation self-funded by the fees and assessments paid by the regulated sectors.

The provincial government introduced legislation creating the new commission in late May, and the bill received Royal Assent on June 21.

The same legislation that created the commission also created a tribunal to perform required the adjudicative functions. The tribunal will operate independently from the administration and policy-making functions of the commission.

It will hear matters related to enforcement as well as appeals of regulatory decisions made by commission staff. The independent tribunal will provide the regulated sectors with a transparent and consistent hearing process, the government said.

A full list of the types of businesses covered under the enabling legislation is available on the commission’s website.