FCNB is comprised of ten distinct divisions.
The Insurance Division administers the Insurance Act through the regulation, oversight, and licensing of insurers and insurance intermediaries (adjusters, agents and brokers, damage appraisers). This includes life, health, property, and casualty insurance.
The Pension Division is responsible for the enforcement of standards prescribed under the Pension Benefits Act and for the investigation of alleged violations. This division performs a variety of services, such as reviewing and registering documents that create and support pension plans, providing clarity to plan sponsors or administrators about compliance and regulations and to current and former members about their rights, and monitoring private pension plans to ensure compliance with the Act and its regulations.
The Securities Division administers the Securities Act through the regulation and oversight of registrants, securities issuers, and self-regulatory organizations. It reviews offering documents, continuous disclosure documents, and exemption applications to ensure these filings comply with securities laws. This division reviews applications for registration from dealers and advisers who are in the business of trading or advising in securities.
The Financial Institutions Division oversees the financial stability and solvency of credit unions for the protection of depositors and provides the related corporate registry services. It oversees the financial stability and solvency of provincially incorporated loan and trust companies, as well as regulating the licensing of extra-provincial loan and trust companies. This division is also responsible for the regulation and the incorporation of cooperatives.
The Consumer Affairs Division administers a wide range of consumer legislation. Activities include investigating consumer complaints, providing information and direction to the public on how to resolve their complaints, educating consumers and businesses on their rights and responsibilities, and issuing licences for the businesses under our consumer legislation.
The Enforcement Division is responsible for the assessment, investigation, and, in appropriate cases, prosecution of violations of the various laws over which FCNB has authority.
The Communications and Public Affairs Division is responsible for the development and delivery of FCNB’s financial literacy, consumer protection and awareness materials and for delivering presentations and workshops on these topics throughout the province.
The Unclaimed Property Division administers the Unclaimed Property Act. The Act will establish a free searchable list that helps reconnect New Brunswickers with their lost or forgotten monetary property. Under the Act, businesses and other entities holding unclaimed property are required to review their books and deliver any unclaimed monetary property to the Director.
Additionally, FCNB depends on the expertise of professionals in Legal Services, Information Technology and Regulatory Informatics, and Corporate Services.