FSRA releases Service Standard results for the fourth quarter of 2020
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to improving transparency and accountability in its delivery of regulatory activities. FSRA is now releasing its Service Standards Scorecard for the fourth quarter of 2020.
The quarterly service standards set clear service expectations and targets for stakeholders and consumers, which they can expect from FSRA under normal conditions. The service standards include metrics for regulatory activities performed in Credit Unions, Auto, Pensions, Market Conduct and Public Affairs.
Results for this period show that FSRA exceeded service targets for 80% of its standards over the fourth quarter reporting period.
Key highlights from Q4 2020 include:
- 100% of credit union member and public telephone and email inquiries were responded to within one business day.
- 98.6% of all auto complaints were assessed, actioned and closed within 270 days
- 97.1% of mortgage broker licences were issued 10 days from receipt of a complete application.
- 87.5% of defined benefit pension plan wind-up applications were reviewed and decided upon within 120 business days.
Performance scores fell below target in four service standards relating to Auto, Pensions and Market Conduct. This was due to FSRA’s year-end request for auto insurers to identify actions to minimize the risk of consumer rate increases, and ongoing transition to new processes and technology. FSRA will continue to work with the sectors and conduct staff training, and expects performance scores in all four areas to improve in subsequent quarters.
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more @ www.fsrao.ca