Overview
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to improving transparency and accountability in its delivery of regulatory activities. In keeping with this commitment, FSRA introduced 25 service standards for the fiscal year (FY) 2025‑26 to set clear service expectations and targets in five key areas:
Auto Insurance
Credit Unions
Pensions
Market Conduct
Public Affairs
The standards measure operational and regulatory activities that FSRA provides to industry and consumer stakeholders, such as licence renewals, regulatory applications, complaints resolution and other core services. FSRA is committed to continuous improvement, upholding high performance standards, and delivering excellence in service.
Performance results
The Q1 FY2026-27 results for each service standard are below. Green indicates FSRA met or exceeded targets for the performance score. Yellow indicates that the performance score was within 10% of the target. Red indicates that the performance score fell below target by more than 10%.
Meets or Exceeds Target
Less than 10% Variance from Target
Greater than 10% Variance from Target
| Service | Standard | Status | YTD Performance Score (%) | Q1 Performance Score (%) | Standard Performance Target (%) | Standard Stretch Target (%) |
|---|---|---|---|---|---|---|
| Applications for Private Passenger Automobile (PPA) Insurance Rate and Risk Classification Filings | Percentage of Private Passenger Auto (PPA) Standard filings reviewed, and decision made within 25 business days, while under FSRA review. |
| 87.5% of applications processed | 87.5%* of applications processed | 90% | N/A |
| Applications for non-Private Passenger Automobile (PPA) Insurance Rate and Risk Classification Filings | Percentage of non-PPA Minor filings reviewed and decision made within 25 business days, while under FSRA review. |
| 100% of filing decisions | 100% of filing decisions | 85% | N/A |
| Major Filings | Percentage of Major rate filings reviewed, and decision made within 45 business days, while under FSRA review. |
| 100% of filing decisions | 100% of filing decisions | 90% | N/A |
| Underwriting Rules & Form Filings | Percentage of Underwriting Rules, Endorsement and Form Filings reviewed, and decision made within 30 business days, while under FSRA review. |
| 97.1% of filing decisions | 97.1% of filing decisions | 80% | N/A |
*Mitigation: The filing involved complex and novel compliance issues requiring additional legal review and proposal refinements to support the desired regulatory outcome for consumers.
Meets or Exceeds Target
Less than 10% Variance from Target
Greater than 10% Variance from Target
| Service | Standard | Status | YTD Performance Score (%) | Q1 Performance Score (%) | Standard Performance Target (%) | Standard Stretch Target (%) |
|---|---|---|---|---|---|---|
| Regulatory Approvals (Certificates) | Requests for certificates processed within 3 days of receipt of all required information. |
| 100% of applications processed | 100% of applications processed | 90% | 100% |
| Regulatory Approvals | All Credit Union regulatory applications processed within 30 days after all required information received. |
| 100% of applications processed | 100% of applications processed | 90% | 100% |
| Regulatory Approvals (Complex) | All complex credit union regulatory applications processed within 60 days after all required information received. |
| N/A | N/A1 | 90% | 100% |
| Regulatory Approvals (Prudential Insurance) | All insurance prudential regulatory applications processed within 45 days after all required information received.** |
| N/A | N/A1 | 90% | 100% |
| Member / public inquiries | Telephone and email inquiries responded to or acknowledged within 1 business day. |
| 100% of inquiries | 100% of inquiries | 90% | 100% |
| Supervisory Assessments (Credit Unions) | Supervisory letter (interim supervisory letter) issued to the Credit Union within 60 business days after completed assessment. |
| 100% of reports | 100% of reports | 75% | 100% |
| Supervisory Assessments (Ontario-incorporated insurance companies and reciprocals) | Supervisory letter (interim supervisory letter) issued to the insurer within 60 business days after completed assessment. |
| N/A | N/A1 | 65% | 100% |
1 FSRA did not receive any applications or issued any supervisory letters in Q1 2026-27
** Only those Prudential Insurance applications processed by the CU&IP Approvals team.
Meets or Exceeds Target
Less than 10% Variance from Target
Greater than 10% Variance from Target
| Service | Standard | Status | YTD Performance Score (%) | Q1 Performance Score (%) | Standard Performance Target (%) | Standard Stretch Target (%) |
|---|---|---|---|---|---|---|
| Complaints | ||||||
| FSRA Complaints Acknowledgement (All Sectors) | FSRA will acknowledge complaints in writing within 3 business days of receipt provided that the reply information is available. |
| 28%* of all complaints | 28%* of all complaints | 90% | 100% |
| Life Insurance | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| 81% of all complaints | 81% of all complaints | 80% | N/A |
| Auto Insurance | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| 97.9% of all complaints | 97.9% of all complaints | 80% | N/A |
| Health Service Providers (HSPs) | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| 100% of all complaints | 100% of all complaints | 80% | N/A |
| Mortgage Brokers | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| 84.3% of all complaints | 84.3% of all complaints | 80% | N/A |
| Credit Unions | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| 100% of all complaints | 100% of all complaints | 80% | N/A |
| Loan & Trust Corporations | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| 100% of all complaints | 100% of all complaints | 80% | N/A |
| Insurance (Non-Auto) | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| 95.1% of all complaints | 95.1% of all complaints | 80% | N/A |
| Financial Professionals Title Protection | Within 90 days, complaints received by FSRA will be assessed and actioned for a range of possible outcomes inclusive of escalation to other areas of FSRA, transfer to third party dispute organizations, warning letters and closed with no action. |
| N/A | N/A | 80% | N/A |
| Licensing | ||||||
| Insurance Agents | Within 20 business days, 75% of applications for a new licence or renewal will be reviewed and approved. |
| 94.7% of all new and renewal applications | 94.7% of all new and renewal applications | 75% | 80% |
| Corporate Life & Health Insurance Agents | Within 20 business days, 75% of applications for a new licence or renewal will be reviewed and approved. |
| 87.5% of all new and renewal applications | 87.5% of all new and renewal applications | 75% | 80% |
| Corporate P&C Insurance Agents | Within 20 business days, 75% of applications for a new licence or renewal will be reviewed and approved. |
| 72.7%** of all new and renewal applications | 72.7%** of all new and renewal applications | 75% | 80% |
| Health Service Providers (HSPs) | Within 20 business days, 75% of applications for a new licence or licence change request will be reviewed and approved. |
| 78.6% of all new applications and licence change requests | 78.6% of all new applications and licence change requests | 75% | 80% |
| Mortgage Agents & Brokers | Within 20 business days, 75% of applications for a new licence or renewal will be reviewed and approved. |
| 97% of all new and renewal applications | 97% of all new and renewal applications | 75% | 80% |
*Mitigation: FSRA’s Complaints and Risk Assessment Unit (“CRAU”) faced staffing and resource challenges which resulted in some delays to acknowledgements. The backlog has now been addressed and process corrections will be implemented going forward.
**Mitigation: Given the low volume of Corporate Insurance P&C Agent applications, a small number of files can affect service standard performance. Resources have been redistributed to improve processing efficiency and support achievement of the service standard target in the next quarter.
Meets or Exceeds Target
Less than 10% Variance from Target
Greater than 10% Variance from Target
| Service | Standard | Status | YTD Performance Score (%) | Q1 Performance Score (%) | Standard Performance Target (%) | Standard Stretch Target (%) |
|---|---|---|---|---|---|---|
| Inquiries (Pension) all communications | Inquiries (plan specific, non-plan specific and general) will be responded to within 45 business days. |
| 95.8% of inquiries | 95.8% of inquiries | 90% | 100% |
| Application | Defined Benefit Plan wind up applications will be reviewed, and a decision will be made within 120 business days. |
| 50%* of applications | 50%* of applications | 80% | 100% |
| Application | Defined Contribution plan wind up applications will be reviewed, and a decision will be made within 90 business days. |
| 100% of applications | 100% of applications | 90% | 100% |
| Application | Defined Benefit Asset Transfers applications will be reviewed, and a decision made within 120 business days. |
| 100% of applications | 100% of applications | 80% | 100% |
| Application | Defined Contribution asset transfers applications will be reviewed, and a decision made within 90 business days. |
| 100% of applications | 100% of applications | 80% | 100% |
*Mitigation: Delays due to workforce turnover, and new members being trained.
Meets or Exceeds Target
Less than 10% Variance from Target
Greater than 10% Variance from Target
| Service | Standard | Status | YTD Performance Score (%) | Q1 Performance Score (%) | Standard Performance Target (%) | Standard Stretch Target (%) |
|---|---|---|---|---|---|---|
| Telephone Inquiries | We will respond to general questions when calls are received. Complex questions and complaints will be forwarded to the appropriate area to log, investigate, and respond. |
| 100% of calls | 100% of calls | 90% | 98% |
| Telephone Voicemail Inquiries | Calls that are received through voicemail will be acknowledged within 1 business day. |
| 100% of voicemails | 100% of voicemails | 90% | 98% |
| Email Inquiries | Emails received through the Contact Centre will be acknowledged within 1 business day and a response sent within 3 business days. For complex matters, we may request additional information and these requests may take longer for a formal response. |
| 86.4%* of emails | 86.4%* of emails | 90% | 98% |
*Mitigation: Service performance was impacted by temporary operational constraints related to staffing vacancies and the onboarding and training of new agents. Since June 2026, the Contact Centre has returned to established service standards.
Previous reports
Looking for previous service standard results? Check out our Annual Report page for yearly data. For results from a specific past quarter, please Contact us directly.