Governance
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.
The Financial and Consumer Services Tribunal was established in 2013 under the Financial and Consumer Services Commission Act. The Tribunal performed adjudicative functions of the regulated sectors’ legislation independently from the activities of the Commission.
In June 2023, the functions and duties of the Tribunal were transferred to the Energy and Utilities Board.
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.
By-Laws
By-Law 1 - General Business Affairs
By-Law 2 - Banking Affairs
By-Law 3 – Commission Remuneration
MOU
The MOU entered into with the Minister of Finance and Treasury Board and the Deputy-Minister of Finance and Treasury Board establishes a framework to enhance the parties' abilities to meet their respective legislative and policy objectives in a collaborative and effective manner.
Conflict of Interest
Rule CO-001 - Conflict of Interest
Report on Governance Practices
Report on Governance Practices - June 2023
Report on Governance Practices - June 2022
Report on Governance Practices - June 2021
Report on Governance Practices - September 2020
Report on Governance Practices - June 2019
Report on Governance Practices - June 2018
Report on Governance Practices - June 2017