While some provinces, notably Quebec, are resistant to a federal regulator, Dennis says it may be welcome by New Brunswick advisors.
“Speaking only for New Brunswick... you have a bureaucracy full of people but what are they really doing?”
FCSC Chair David Barry said the new agency, which he heads, would provide for greater efficiency.
“We live in a world with a rapidly changing financial and consumer services marketplace where increasingly complex products and services are being offered,” said Barry, in a 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 FCSC will have offices in Saint John and in Fredericton. It will be an arm’s-length Crown corporation, self-funded by the fees and assessments paid by the regulated sectors.
“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 legislation that created the FCSC also created a tribunal to perform adjudicative functions. This 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 tribunal will provide the regulated sectors with a transparent and consistent hearing process, the FSFC said in its press release.