FCNB informs, educates, and protects over 780,000 consumers through regulation and financial education, and we regulate 36,000 industry participants who make their living working with New Brunswickers’ money. FCNB 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 FCNB, 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, FCNB formed the Senior Initiative Committee in response to FCNB’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, FCNB 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. FCNB also hosted the Forum on Senior Financial Abuse to understand the issues facing government departments, agencies and other stakeholders. Through this research, FCNB identified opportunities to position New Brunswick as a leader in effectively addressing financial abuse of older adults. The Seniors Consultation Paper serves to continue FCNB's work in addressing the issues around financial abuse of older adults in the province.
FCNB 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