FCSC Proposes New Rules Relating To Title Protection

Following a similar process as in Ontario and Saskatchewan (which you can read about here), earlier this month the New Brunswick Financial and Consumer Services Commission (Commission) proposed two rules under the Financial Advisors and Financial Planners Title Protection Act (Act). Rule TPA-001 General (General Rule) sets out the criteria for credentialing bodies and the credentials to be approved, and Rule TPA-002 Fees (Fee Rule) sets out the fees to be paid to the Commission under the framework.

Like the frameworks existing in other provinces which we've also written about in prior bulletins, the General Rule outlines the conditions for an applicant to receive approval as a credentialing body and the approval of a credential for the title of Financial Advisor or Financial Planner. Among other things, the applicant must demonstrate an effective governance structure and administrative policies and procedures that serve the public interest, a code of ethics and