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Credentialing bodies

The Financial and Consumer Services Commission of New Brunswick is the regulatory body for “financial advisor” and “financial planner” (or similar) title use in New Brunswick. The Commission approves and oversees credentialing bodies to ensure they have policies and procedures in place for the effective administration of a credentialing program, including oversight of their credential holders. It also approves the credentials they offer for financial advisors and financial planners.  

The Commission:  

  • Reviews applications from entities who offer credentials in financial advising / planning and approves credentialing bodies. 
  • Monitors approved credentialing bodies to ensure they are effectively administering the approved credential and responding to consumer complaints in a timely manner. 
  • Takes enforcement action against any individual or entity that contravenes the Act. This may include, but is not limited to: 
    • individuals who use a financial advisor or financial planner (or similar) title without an approved credential, subject to the transition periods. 
    • entities that misrepresent themselves as an approved credentialing body 
    • entities that offer a financial advisor or financial planner credential without the Commission’s approval.  

Commission-approved credentialing bodies will be responsible for overseeing their credential holders using either the “financial advisor” or “financial planner” (or similar) title. They will: 

  • Effectively administer and maintain a financial advisor and/or financial planner credentialing program. 
  • Grant approved financial advisor and/or financial planner credentials. 
  • Oversee and enforce the conduct of their credential holders.  

Criteria for credentialing body applicants 

The Commission will issue an approval to an applicant if the applicant meets the requirements for a credentialing body. The application must demonstrate the following: 

  • Effective governance structures and administrative policies and procedures that serve the public interest. 
  • The necessary expertise, resources, policies, procedures and administrative practices to effectively administer and maintain a credentialing program. 
  • A code of ethics and professional standards for its officers, directors and employees that serves the public interest.  
  • The necessary expertise, resources, policies, procedures and administrative practices to effectively oversee the conduct of individuals holding approved credentials it has issued. 
  • The ability to oversee the conduct of individuals holding approved credentials in English and French. 

An application to be an approved credentialing body must include:  

  • The legal name of the applicant and its constating documents 
  • A description of the applicant’s mandate and objects  
  • The organizational structure 
  • The name and contact information of the individual who will respond on behalf of the applicant to any requests for information.  

Credential criteria 

An approved credentialing body must demonstrate that the credential it is offering is based on a program designed and administered to ensure that an individual using the credential will be required to:  

  • Deal with the individual’s clients competently, professionally, fairly, honestly and in good faith.  
  • Address material conflicts of interest in the best interests of the client.  
  • Put the clients’ interests first when making a suitability determination.  

An approved credentialing body must not issue an approved credential to an individual unless the individual:  

  • Has passed a documented examination process that adequately tests all components of the applicable educational requirements.  
  • Is required to comply with a code of ethics and professional standards.  
  • Is required to comply with continuing education requirements that reinforce the educational requirements for a financial advisor or financial planner. 

Application process 

To be approved as a credentialing body and have a financial advisor or financial planner credential approved, an organization must apply to the Commission. 

The application is divided into two parts:  

  • Part A – the credentialing body application form 
  • Part B – the application for the approval of a financial advisor and/or financial planner credential.  

The Commission will evaluate the submission based on the requirements outlined in the Rule TPA -001 General. 

Once all supporting documentation and the applicable fees have been received, the Commission will issue a decision within 60 calendar days. 

For more information on the application process, contact registration-inscription@fcnb.ca. 

Assessments and fees 

The following fees are payable to the Commission upon submission for approval as a credentialing body and for each proposed credential.  

Credentialing body application fee 

$10,000 for the approval of a credentialing body or $5,000 where the applicant has been approved as a credentialing body by a regulatory authority in Canada based on substantially similar criteria. This is a non-refundable fee paid upon the submission of the corresponding application form. 

Credential application fee 

$5,000 for the approval of each financial advisor or financial planner credential or $2,500 where the credential has been approved by a regulatory authority in Canada based on substantially similar criteria. This is a non-refundable fee paid upon the submission of the corresponding application form.  

Approved credentialing bodies will be subject to the following fees: 

Annual Return 

There is no fee for filing an annual return. However, the late fee for an annual return filed after March 31 is $25 per day, up to a maximum of $1,000 per year. 

Annual Fee 

The following fee will be applicable and payable to the Commission by a credentialing body annually and is based on the total number of individuals using a protected title in New Brunswick the credentialing body oversees as of January 1. The fees listed below are per title holder: 

(a) title holders 1 to 100: $50 

(b) title holders 101 to 500:  $40 

(c) title holders beyond 500: $30 

For a full list of applicable fees, please refer to Rule TPA-002 Fees.