New Brunswick watchdog proposes rules for lost financial property

New Brunswick’s Financial and Consumer Services Commission (FCNB) is seeking feedback on its plans for a new program to reunite people with their lost or forgotten financial assets.

The FCNB noted that, under new legislation, businesses and government agencies will be required to attempt to locate the owners of lost financial property. If they can’t, they must turn it over to the regulator’s new Unclaimed Property Program.

The regulator is seeing feedback on its proposed rules for administering the program, which will collect property such as unreturned security deposits, uncashed cheques, investments and other sorts of unclaimed assets.

“This program will impact many provincial and national businesses and other entities which are holding financial property of New Brunswickers,” said Andrew Nicholson, FCNB’s director of unclaimed property, in a Wednesday release.

“We want to hear from as many interested stakeholders as possible during this consultation period to ensure we have all perspectives on the program’s operation. This consultation step in the rulemaking process is vital to developing the right program for New Brunswick,” he added.

The comment period will close on Nov. 23.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.