Service NL
March 1, 2016

Protecting Consumers with Strong Regulatory Oversight

Maintaining Sound Financial Regulation Through the Superintendent Role

A number of superintendent roles exist in the Consumer and Commercial Affairs Division of Service NL. The role of Superintendent of Real Estate Agents and Salespersons is filled by an individual who is hired through a competitive process to fulfill the public service role of Director of Financial Services Regulation. Contrary to an article recently published by The Telegram, this role is not a political appointment.

"Superintendent and registrar roles are vital - they exist to protect consumers throughout the province as they engage in various kinds of financial activity. Individuals in these roles are hired through a competitive process in accordance with the Public Service Commission Act. To become Director of Financial Services Regulation and be appointed to superintendent and registrar roles, an individual must demonstrate extensive knowledge of, and experience in, securities, real estate, mortgage brokerage, and insurance. I have great confidence in the director and appreciate his diligent work."
- The Honourable Eddie Joyce, Minister of Service NL

Along with the position of Superintendent of Real Estate Agents and Salespersons, the Director of Financial Services is also appointed as the Superintendent of Securities, Registrar of Mortgage Brokers and the Superintendent of Insurance. These appointments allow the director to work independently of the Provincial Government in the public's best interest and empower the director to take action under provincial law to protect consumers whenever it becomes necessary to do so.

QUICK FACTS

• The Director of Financial Services Regulation is appointed Superintendent of Real Estate Agents and Salespersons, the Superintendent of Securities, and the Superintendent of Insurance in order to perform the duties of the role.
• This practice has been in place since 2009.
• The Director of Financial Services Regulation is selected through a competitive process, and plays a key role in maintaining strong regulatory oversight over all financial activity in the province.

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Media contact:

Jason Card Director of Communications Service NL 709-729-4860, 699-0470 jasoncard@gov.nl.ca

2016 03 01                              5:00 p.m.