Finance and Treasury Board Minister Ernie Steeves announced today that Paul Van Iderstine of Moncton will become the new Chair of the Financial and Consumer Services Commission of New Brunswick. His appointment will begin on January 1, 2024.
Mr. Van Iderstine is a former audit partner of a national chartered professional accounting firm and served as the Chief Information Security Officer for a national insurance company. His experience in the financial, audit and cybersecurity fields is supported by his strong analytical skills and understanding of governance practices garnered from 30 years of working with various boards and audit committees.
Mr. Van Iderstine has extensive volunteer experience in the community and is a past president of the Moncton West and Riverview Rotary Club and the Windsor and District Board of Trade. He has also served as a Treasurer for the Codiac Regional Police Association, Moncton Headstart Inc., and various other organizations.
“As I embark in my role as Chair of the Financial and Consumer Services Commission of New Brunswick, I am dedicated to continuing the hard work toward consumer protection and regulatory excellence that the Commission is known for,” said Paul Van Iderstine. “I am enthusiastic to support the Commission in their important role of regulating financial services and protecting consumers and investors in the province.”
"It has been a privilege to work with the talented team at FCNB and such dedicated board members to promote excellence in financial regulation for New Brunswick.” said Peter Klohn, the current chair of the Commission whose term ends on December 31 after 10 years serving in the position.
“FCNB provides such vital services for New Brunswickers, and I would like to thank Mr. Klohn for his many years of dedicated service,” said Finance and Treasury Board Minister Ernie Steeves. “I look forward to working with Paul Van Iderstine as the new chair, and building on the great work the Commission does to serve the people of New Brunswick.”
The Financial and Consumer Services Commission is the province’s financial and consumer services regulator, responsible for the administration, oversight and enforcement of provincial legislation for securities, consumer protection, insurance, pensions, credit unions, trust and loan companies, cooperatives, and more. The Commission also oversees the province’s Unclaimed Property Program.
The provincial government established the Commission on July 1, 2013. It is an arm’s length Crown corporation self-funded by the fees and assessments paid by the regulated sectors.
FCNB has the mandate to provide regulatory services that protect the public interest, enhance public confidence and promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.