coverstory
CMB MAGAZINE cmba-achc.ca spring 2019 | 21
the FCNB has been able to build
working relationships with licensees
and work with them through any
potential issues as they arise.
"e introduction of the
legislation provided FCNB the
compliance, investigation and
enforcement powers necessary to
oversee professional and ethical
conduct," says Alaina Nicholson,
FCNB's director of consumer affairs.
"We conduct regular compliance
reviews with the aim of ensuring
education of the industry as well as
protection of the consumer.
I
n 2016 the Financial
and Consumer Service
Commission of New
Brunswick (FCNB) began
issuing licenses for mortgage
brokers under the N.B. Mortgage
Brokers Act. It was hoped at the time
that, by creating a licensing regime
for mortgage brokers, consumers
would benefit from the application
of industry-wide standards and best
practices. ose standards included
a requirement for brokers to meet
certain education criteria, provide
full disclosure in their dealings and
abide by product suitability rules.
Limitations on advanced fee charges
were also imposed.
While anecdotal evidence
suggests that some fringe players
chose not to continue participating
in the industry aer the new rules
came in, the vast majority of New
Brunswick's mortgage broker
community has now obtained a
licence, including 34 brokerages,
87 brokers and 60 associates, in
addition to a half dozen mortgage
administrators. With this roster of
industry participants now in hand,
SO FAR,
SO GOOD
Smooth sailing for New Brunswick mortgage brokers
after three years of FCNB oversight
BY BRENDAN MUNRO
