Survey Results: 2024 Sector Survey
The Commission’s regulated entities and individuals were invited to complete the survey, which was open from April 22 to June 3, 2024. A total of 155 responses were collected. Among those who completed the survey, the largest representation came from: insurance (28 per cent of respondents), real estate (19 per cent); pension plan administrators/professionals (14 per cent); mortgage brokers/brokerages (8 per cent) and registered individuals in securities (8 per cent).
Data was weighted so that it proportionately represented the size of our regulated sectors.
The survey was conducted, and all results analyzed on behalf of the Commission by a third-party consulting firm.
The following graphs and information present key findings from our 2024 Sector Survey.
Clarity on the Commission’s mandate
In total, 84 per cent of survey respondents expressed familiarity (4 or higher out of 5) with the purpose of the Commission’s regulatory activities. The average score was 4.2 out of 5.
Q. Please indicate the extent to which you agree or disagree with the following statements: I am aware of the purpose of the Commission’s regulatory activities.
Graph 1
| Score | Response |
|---|---|
| 1 (Strongly disagree) | 2% |
| 2 | 6% |
| 3 | 4% |
| 4 | 43% |
| 5 (Strongly agree) | 41% |
| Not sure | 4% |
When asked to evaluate the Commission across a series of activities relating to its overall mandate, respondents on average gave it:
- 8.6 out of 10 for prioritizing consumer protection
- 8.3 for fostering a strong and trusted marketplace where regulated industries understand their responsibilities and contribution to helping New Brunswickers make informed financial decisions in their best interests
- 8.2 for both responding proportionately to instances of non-compliance and for promoting high standards of business conduct
- 7.6 for responding to market changes quickly
Commission’s reputation and trustworthiness
When asked to rate the overall reputation of the Commission, respondents provided an average score of 8.3 out of 10. When asked to explain their rating, those with positive ratings tended to praise our good services and responsive staff. Those with lower ratings tended to comment on a lack of communication and limited awareness of the Commission role.
Nearly three-quarters (73%) gave the Commission high marks (8/10 or higher) for its trustworthiness as a regulator. The average mark was 8.5.
As a result, the Commission is exploring ways to increase awareness of our regulatory role in the province. In support of these efforts, the Commission has rebranded with a new, modernized logo and launched a video explaining our role and why it matters to New Brunswickers -- a reflection of our continued commitment to delivering efficient and effective regulatory services that safeguard the public interest and support a strong and fair financial marketplace for all New Brunswickers. Learn more.
Keeping industry participants informed
Two-thirds (66%) of respondents agreed highly (8/10 or higher) that the Commission keeps them well informed of regulatory changes and other information they need to conduct business. The average rating was 8.2 out of 10.
Q. Please indicate the extent to which you agree or disagree with the following statement: The Commission keeps me well informed of regulatory changes and other information I need to conduct business.
Graph 2
| Score | Response |
|---|---|
| 1 (Strongly disagree) | 2% |
| 2 | 0% |
| 3 | 0% |
| 4 | 1% |
| 5 | 4% |
| 6 | 6% |
| 7 | 16% |
| 8 | 20% |
| 9 | 17% |
| 10 (Strongly agree) | 29% |
| Not sure | 4% |
Three-quarters of respondents said they were most likely to turn to fcnb.ca when they were looking for information about the Commission. Six in 10 said they rely on emails from the organization.
Roughly 83 per cent of respondents say they would be interested in receiving a quarterly newsletter that includes regulatory updates, trending industry topics and information about upcoming events.
As a result, the Commission has launched a quarterly newsletter for its regulated sectors to keep them informed of regulatory news, trends and upcoming events. Learn more.
Industry engagement
Almost all respondents who were contacted by the Commission – or contacted the organization themselves – about a regulatory matter were either very (76%) or somewhat (19%) satisfied with their interaction. Those who provided additional comments were most likely to report that staff were helpful and knowledgeable.
When asked to rate the Commission on how well it listens to market participants, the Commission received an average score of 7.7 out of 10. More than half (59%) gave the Commission top marks (4/5 or higher) for taking stakeholder feedback seriously while 55 per cent gave it a rating of four out of five or higher for providing an appropriate number of opportunities to be consulted on matters pertaining to their sector.
In response, the Commission is examining ways to continue to build and improve engagement with its regulated sectors.
Q. Please indicate the extent to which you agree or disagree with the following statements about engagement with the Commission.
| 1 (Strongly disagree) | 2 | 3 | 4 | 5 (Strongly agree) | Not sure | Average | |
|---|---|---|---|---|---|---|---|
| The Commission takes stakeholder feedback seriously. | 3% | 1% | 8% | 32% | 27% | 28% | 4.1 |
| The Commission provides an appropriate number of opportunities for stakeholders like me to be consulted on matters pertaining to my sector. | 4% | 1% | 20% | 25% | 30% | 21% | 4.0 |
| The Commission conducts meaningful consultations on guidance and rules that apply to my sectors. | 3% | 1% | 18% | 23% | 27% | 27% | 4.0 |
| I am aware that there are various channels available to me to engage with the Commission and provide feedback. | 3% | 5% | 13% | 35% | 23% | 20% | 3.9 |
Licensing
The Commission received an average score of four out of five for clearly setting out its criteria for approving licensing applications and renewals in the application instructions. It received a slightly lower mark (3.9) for its processing time for approving licensing applications or renewals. When asked to list the main regulatory issues and concerns in their market, only 12 per cent listed licensing delays.
Nine in 10 respondents were either very (44%) or somewhat (46%) satisfied with the process for routine licensing or registration. As to their interactions with the Commission’s online portals for licensing and registration, four in five respondents said they were either very (41%) or somewhat (40%) satisfied. When asked to provide additional comments, those who did so were most likely to identify dissatisfaction about their user experience with the portal (32%) and the need for better support (18%).
To address this, the Commission has a multi-year project to examine the user experience of its licensing portals.
Compliance
Ninety per cent of respondents who had been the subject of a compliance review or audit by the Commission were either very or somewhat satisfied with their interaction. The Commission also received an average rating of 4.1 out of 5 for clearly describing its expectations for compliance requirements.
Transparency in decision-making
The Commission received similar scores for two measures related to transparency in its decision-making. It received average scores of 4.1 for both its transparency in outlining the steps, regulations and procedures used to come to a decision as well as its transparency in providing the facts and reasons for its decisions.
Graph 3
| Score | Transparency in the Commission's decision-making procedures | Transparency in its decision-making rationale |
|---|---|---|
| 1 (Strongly disagree) | 4% | 4% |
| 2 | 2% | 2% |
| 3 | 10% | 10% |
| 4 | 28% | 30% |
| 5 (Strongly agree) | 34% | 31% |
| Not sure | 22% | 22% |