Are you shopping for insurance, a new home, taking out a mortgage, or making investments for your future?
If so, you should take some time to check the license and registration of your financial service providers.
That is the focus of Permission to Pause, an awareness campaign launched by the Financial and Consumer Services Commission (FCNB).
“Permission to Pause will help build consumer confidence and knowledge around why regulation exists, its importance and the expectation for client-side due diligence,” said Marissa Sollows, the commission’s director of communications.
According to FCNB, only one in four New Brunswickers know how or where to check the license or registration of financial service providers.
And nearly two-thirds of New Brunswickers are not aware that there is an agency responsible for regulating those professionals.
“The campaign gives consumers easy access to our online registrant databases and asks registrants to reinforce the importance of checking registration as a trust-building process with their clients,” said Sollows.
All financial service providers doing business in New Brunswick are required to be licensed or registered with FCNB.
The commission will only license individuals who meet certain minimum requirements, which often include education and a criminal background check.
While the campaign is geared toward millennials navigating life’s biggest financial decisions, Sollows said applies to everyone engaging with a financial professional.
“These are relationships that are built on trust, but how do clients decide their financial professionals are worthy of trust? We think a great first step a consumer can take is to proactively check the FCNB license and/or registration of their financial professionals,” she said.
You can learn more about the campaign, and find out if your financial service provider is licensed or registered, on FCNB’s website.
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