The Financial and Consumer Services Commission of New Brunswick (Commission) informs, educates, and protects over 850,000 consumers through regulation and financial education, and we regulate 44,000 industry participants who make their living working with New Brunswickers’ money. The Commission is responsible for the administration and enforcement of provincial legislation that regulates securities, insurance, pensions, credit unions, trust and loan companies, co-operatives and a wide range of consumer legislation. At the Commission, one of our priorities is to identify ways to address financial abuse, particularly financial abuse of older adults and other vulnerable people, within the industries that we regulate.
In 2014, the Commission formed the Senior Initiative Committee in response to the Commission's desire to enhance regulatory measures to protect older and vulnerable adults from financial abuse and exploitation. Since its inception, the Committee has focused on development of tools and resources to address information gaps, stakeholder outreach, research, and strategy development.
In 2017, the Commission conducted a series of roundtable dialogues with older adults in New Brunswick to understand the issues and challenges they face when using financial and consumer services and any personal experiences with financial abuse. The Commission also hosted the Forum on Senior Financial Abuse to understand the issues facing government departments, agencies and other stakeholders. Through this research, the Commission identified opportunities to position New Brunswick as a leader in effectively addressing financial abuse of older adults. The Seniors Consultation Paper serves to continue the Commission's work in addressing the issues around financial abuse of older adults in the province.
The Commission works alongside many national and international organizations dedicated to improving the financial protection and well-being of older and vulnerable adults. Some of these committees include:
- The North American Securities Administrators Association Board Level Committee on Senior issues and Diminished Capacity Committee
- The Canadian Securities Administrators committee to address issues affecting Older and Vulnerable Investors