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FCNB (the Financial and Consumer Services Commission of New Brunswick) is the provincial regulator that licenses and oversees mortgage brokerages, brokers, associates, and administrators under New Brunswick's Mortgage Brokers Act.
Under New Brunswick's Mortgage Brokers Act, S.N.B. 2014, c.41, a mortgage brokerage licence must be approved before any individual broker or associate application can proceed. A brokerage needs an address for legal service in New Brunswick, a designated principal broker, a valid registration under the province's Cost of Credit Disclosure and Payday Loans Act, and supporting materials including errors and omissions insurance.
Once the brokerage is licensed, individual mortgage brokers, associates, and administrators can be licensed under it, subject to FCNB's ongoing compliance and continuing-education requirements. Like Saskatchewan's FCAA, FCNB is New Brunswick's combined financial-services regulator, also overseeing securities, insurance, credit unions, and other consumer-facing sectors in the province.
Governed by the Mortgage Brokers Act: New Brunswick's Mortgage Brokers Act, S.N.B. 2014, c.41, along with FCNB rules MB-001 and MB-002, sets the licensing and fee framework for mortgage brokerages, brokers, associates, and administrators.
Brokerage licence comes first: a mortgage brokerage must be licensed before any individual broker or associate working under it can be licensed.
Combined regulator: FCNB also regulates securities, insurance, pensions, credit unions, and payday lending in New Brunswick, similar in structure to Saskatchewan's FCAA.
One of six provincial mortgage regulators: FCNB sits alongside FSRA (Ontario), BCFSA (BC), RECA (Alberta), the FCAA (Saskatchewan), and the AMF (Quebec) as one of Canada's provincial mortgage-brokering regulators.
Definitions reflect Canadian federal and provincial rules as of the “Updated” date above. Not advice for any specific file.
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