Financial and Consumer Services Commission of New Brunswick adopts rules to credential financial advisors and financial planners under title protection regime

The Financial and Consumer Services Commission of New Brunswick has adopted two rules to operationalise the Financial Advisors and Financial Planner Title Protection Act, which will require anyone using the titles “financial advisor” or “financial planner” to hold an approved credential and meet minimum education standards. The rules were approved after a 90-day public consultation in 2024 and are expected to take effect once Ministerial consent is obtained and the Act is proclaimed, expected on January 1, 2026. Under the framework, title users must hold a credential issued by a Commission-approved credentialing body, with requirements phased in over multiple years. Individuals using the titles immediately before January 1, 2026 without an approved credential will have transition periods of two years for financial advisors and four years for financial planners to comply. The rules also set approval criteria for credentialing bodies, including public-interest governance and administration, sufficient resources and expertise to run and maintain credentialing programmes, a code of ethics and professional standards, the capacity to oversee credential holders’ conduct, and the ability to do so in English and French. The Commission indicated that further guidance on credentialing body approval criteria and the application process will follow.