The Commission 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.
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 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.