Financial Services Appeal Board

Department

Authority

Remuneration

Purpose:

To hear appeals from a person who may, in accordance with another Act of the province, make an appeal of an original order or decision to the board under this Act. That person may commence that appeal by filing a notice of appeal in the form required by the minister with the person who made the original order or decision within 30 days of receiving notification of that order or decision.

Structure:

The Lieutenant-Governor in Council shall, from among persons recommended by the minister, appoint a financial services appeal board consisting of 5 members. The Lieutenant-Governor in Council shall, upon the recommendation of the minister, appoint from among the members, one person to act as the chairperson.

Competency Profile:

Those who make up the Financial Services Appeal Board should collectively possess the following core competencies.

• Legal expertise;
• Report writing ability;
• Financial expertise/literacy; and,
• Regulatory background.

Qualifications:

• High ethical standards and integrity;
• Appreciation of the responsibilities to the public;
• Flexible, responsive and willing to consider others’ opinions;
• Capable of a wide perspective on issues;
• Ability to listen and work as a team member;
• No direct or indirect conflict of interest;
• Strong reasoning skills;
• A post-secondary degree or diploma would be preferred;
• Law degree required for Chairperson; and,
• Experience hearing appeals or previous service on a board would be an asset.

Time Commitments:

Members of the Financial Services Appeal Board meet when they have an appeal to hear. The number of meetings will vary depending on the number of appeals filed. Over the last two years, the Financial Services Appeal Board has only met twice. Hearings usually last 2-4 hours but the writing of decisions after the hearings can take a day or two depending on the issues.

Term:

A person shall be appointed for a term of 3 years and is eligible for reappointment. A member shall continue to be a member until he or she is replaced.