FSRA releases service standards results for the first quarter of 2021-2022
FSRA is releasing its Service Standards Scorecard for the first quarter of 2021-2022. This is the third publication of FSRA’s service standard performance results.
The Service Standards Scorecard provides a measurement of FSRA’s performance in key areas of its public service, such as reviewing licensing applications and responding to public inquiries. The service standards reflect a pursuit of a measurable level of performance, which stakeholders can expect under normal conditions.
Results for this period show that FSRA exceeded service targets for 86% of its standards over the reporting period. FSRA’s ability to deliver against the standards was challenged because of the pandemic and a significant increase in applications received. In response, FSRA is in the process of expanding resource capacity and conducting completeness review of applications.
Key highlights from Q1 2021-2022 include:
- 100% of all credit union regulatory applications processed within 30 days after all required information was received.
- 95.7% of all auto underwriting rules, endorsement and form filings were reviewed, and a decision was made within 30 business days.
- 96.5% of complaints for all sectors were acknowledge complaints in writing within three business days of receipt provided that the reply information was available.
- 100% of pension applications received for defined contribution plan were reviewed and a decision was made within 90 business days.
FRSA fell below target in two service standards relating to Licensing (Market Conduct) and Defined Benefit Pension Plan Wind-up applications (Pensions). The below-target performance is an outcome of the annual licence renewals and a significantly higher volume of new applications received. FSRA will increase the resource capacity and conduct completeness review of all applications. FSRA is also working with sectors to improve the quality of applications to allow for efficient approval processes. FSRA expects performance scores in all two areas to improve in the 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 at www.fsrao.ca.