FCNB Seeks Input From Businesses On New Brunswick’s New Unclaimed Property Program
Businesses and other entities are encouraged to provide input on a new program to help reunite New Brunswickers with their lost or forgotten financial property.
The Unclaimed Property Program will work to reunite New Brunswickers with thousands of dollars that go unclaimed each year in the province, forgotten in credit union accounts, uncashed cheques, security deposits and more.
The Financial and Consumer Services Commission (FCNB), which will administer the program, is now seeking comments on the program’s operation. On September 22, it published proposed rules for a 60-day comment period.
The program provides that New Brunswick businesses and government entities holding lost or forgotten financial property on behalf of owners must attempt to locate these owners and, if unsuccessful, report and remit the financial property to the program.
“This program will impact many provincial and national businesses and other entities who are holding the financial property of New Brunswickers,” said Andrew Nicholson, FCNB’s director of unclaimed property. “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.”
Consultation on the program’s rules is vital to developing the right program for New Brunswick, Nicholson added.
The consultation period will close on November 23, 2020. Those interested can read more information on the rules and the process for providing comments by visiting: https://fcnb.ca/en/regulated-industries/proposed-rules-and-changes
What is unclaimed property?
Unclaimed property covered by this program is money and other monetary property held by businesses and other entities (holders) that has been forgotten by its owners. In some cases, the rightful owners cannot be found, or do not know the property exists.
“For example, your employee may have left your company and never returned to pick up their last paycheque,” Nicholson said. “Or your tenant paid a security deposit and then moved to an unknown address before you could refund them.”
New Brunswick is the fourth province to introduce an unclaimed property program. Similar programs in Quebec, Alberta and British Columbia and across the United States work each year to reunite people with their long-lost money.
“This program will protect New Brunswickers by providing a means to return what is owed to them and will help businesses by providing a method to deal with the unclaimed financial property they are holding on behalf of others,” Nicholson said.
Who will the program impact?
Holders of unclaimed property could be utilities, corporations, partnerships, sole-proprietorships, government agencies, associations, societies and not-for-profit organizations. Under the program, they will be required to remit any unclaimed property for which the owner cannot be found.
For holders, the program will relieve them of the expense and liability of carrying the property on their books and records. FCNB will safeguard the forgotten funds and provide a free online tool for potential owners to search for and claim their found property.
How can people track down their unclaimed property now?
In the meantime, New Brunswickers can track down unclaimed property by contacting:
- previous employers
- utility companies they formerly did business with to be reimbursed their security deposit
- brokers and mortgage lenders
- life and health insurance broker
- unclaimed property programs in Quebec, Alberta or British Columbia, if they previously lived in these provinces.
For more information on New Brunswick’s Unclaimed Property program, visit www.fcnb.ca/unclaimed-property.
This story is sponsored by FCNB.