FSRA Year End Scorecard 2020-2021
The Financial Services Regulatory Authority (‘FSRA’) is pleased to release its second-year scorecard, which outlines its progress on priorities set out in the 2020-2023 Annual Business Plan. The plan outlined seven corporate and 15 sector-specific priorities for 2020-2021, and the related budget to achieve these priorities. To date, 100 per cent of the initiatives are complete or nearing completion. The scorecard summarizes the progress of each priority and the objectives that were to be achieved for each priority.
Despite disruptions to some priorities due to the declaration of provincial emergency in March 2020, FSRA regained and sustained its momentum throughout the rest of the year. As an organization, FSRA’s overarching success measures are its cross sectoral priorities of burden reduction and regulatory effectiveness. Among its achievements last year, FSRA launched:
- A three-year plan to review and, where appropriate, eliminate guidance inherited from legacy regulators. This builds on FSRA’s initial efforts in 2019 to review over 1,000 pieces of inherited guidance that realized a 51 per cent reduction in legacy guidance.
- Transparent service standards and a quarterly reporting process to measure its service delivery in key areas of operation within each sector.
- Consumer research to better understand the consumer experience in each regulated sector and develop consumer profiles on sector-specific issues, with the support of FSRA’s Consumer Advisory Panel.
To achieve its objectives across sectors, FSRA continued its commitment to consult publicly on important issues and to engage the Stakeholder Advisory Committees (SACs), Technical Advisory Committees (TACs) and Consumer Advisory Panel (CAP) on priorities and emerging issues.
FSRA management will continue to provide regular status updates to the Board, evaluate the economic impacts of the ongoing pandemic, and continually assess the progress of initiatives against key milestones and target completion dates.