News Release

SAINT JOHN (GNB) – The Financial and Consumer Services Commission is heading into 2020 with a new leader at the helm. As of Jan. 1, Kevin Hoyt, currently vice-president and executive director of securities, will take over as its chief executive officer.

Earlier this year, Rick Hancox announced his retirement after a distinguished career which included 15 years of leadership with the former New Brunswick Securities Commission, which became the Financial and Consumer Services Commission in 2013. His retirement prompted a national search to recruit a successor. Notwithstanding a widespread response, the commission concluded that the best person was actually one that was close to home.

“When we started looking for a new CEO, we wanted to ensure we had the best candidate to replace Rick,” said Peter Klohn, commission chair. “Our national search resulted in expressions of interest from some exceptional candidates. In addition to his financial expertise, Kevin has a very keen understanding of the many public policy issues facing the financial and consumer services sectors and the industries regulated by the commission. I am confident that he will continue to build on the strong foundation of innovation and regulatory excellence established by Rick.”

An accountant by training, Hoyt originally joined the commission as its chief financial officer. Prior to that, he held several senior positions within departments and agencies of the governments of the Northwest Territories and of Saskatchewan.

Hoyt holds a variety of degrees and professional accreditations and has developed ties with colleagues nationally and internationally. He currently represents the commission on several regulatory boards and committees across North America.

“What makes the commission special are its people and their passion to do what is right. I am very proud to have the opportunity to continue to advance the commission’s mandate, building on the strong foundation provided by Rick,” said Hoyt. “We have a uniquely broad mandate with oversight on 21 pieces of financial and consumer legislation in our province. I intend to continue our tradition of leveraging our expertise, passion, talent and collaborative relationships with our regulatory colleagues to pursue state-of-the-art regulatory and education solutions for consumer and investor protection in New Brunswick.”

The Financial and Consumer Services Commission has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation that regulates the following sectors: securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Educational tools and resources are available online.