The Financial and Consumer Services Tribunal is an administrative tribunal created by the Legislature pursuant to section 29 of the External link opens in new tab or windowFinancial and Consumer Services Commission Act [Act].  It has been in operation since July 1, 2013. The Tribunal is quasi-judicial in nature and has broad adjudicative powers, which include several “court-like” powers.  


The Tribunal hears appeals, reviews, applications and enforcement proceedings under financial and consumer services legislation.


The Tribunal hears matters in Saint John. It may hold hearings in other locations if it can be demonstrated that another location is more appropriate.


Mandate

 

The Tribunal’s mandate is to protect the public interest and enhance public confidence in the financial and consumer services sectors. The Tribunal provides independent adjudication and oversight in the financial and consumer services sectors.


The Tribunal has three main roles:


1.

 It hears enforcement proceedings under:
 
    • the Collection and Debt Settlement Services Act;
    • the Cooperatives Act;
    • the Cost of Credit Disclosure and Payday Loans Act;
    • the Credit Reporting Services Act;
    • the Credit Unions Act;
    • the Direct Sellers Act;
    • the Insurance Act;
    • the Mortgage Brokers Act;
    • the Pension Benefits Act;
    • the Pre-arranged Funeral Services Act;
    • the Real Estate Agents Act; and
    • the Securities Act.

2.



It provides independent oversight by hearing appeals and reviews of the following regulators and decision-makers' decisions:
 
    • the Superintendent of Insurance under the Insurance Act,

    • the Superintendent of Pensions under the Pension Benefits Act and the Pooled Registered Pension Plans Act,
 
    • the Financial and Consumer Services Commission under the Financial and Consumer Services Commission Act;

    • the Director of Consumer Affairs under the Auctioneers Licence Act, the Collection and Debt Settlement Services Act, the Cost of Credit Disclosure Act and Payday Loans Act, the Credit Reporting Services Act, the Direct Sellers Act, the Pre-arranged Funeral Services Act, and the Real Estate Agents Act,

    • the Director of Cooperatives under the Cooperatives Act,

    • the Executive Director of Securities or an exchange, self-regulatory organization, quotation and trade reporting system, clearing agency, auditor oversight body, trade repository and derivatives trading facility under the Securities Act,

    • the Director of Mortgage Brokers under the Mortgage Brokers Act,

    • the Superintendent of Credit Unions under the Credit Unions Act, and

    • the Superintendent of Loan and Trust Companies under the Loan and Trust Companies Act.

3.

It hears applications under various pieces of legislation, including applications providing an opportunity to be heard.