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.
Download the FSRA Year End Scorecard 2020-2021
The scorecard summarizes the progress of each priority and the objectives that were to be achieved for each priority.
Cross sectoral priorities |
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Burden reduction |
Regulatory effectiveness |
Burden reduction and regulatory effectiveness |
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1.1 Review inherited guidance (complete) 1.2 Establish meaningful service standards (complete) |
2.1 Protect the public interest (complete) 2.2 Enable innovation (substantially complete) 2.3 Modernize systems and processes (complete)
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3.1 Transition to Principle Based Regulation (PBR) regulators (substantially complete) 3.2 Improve information sharing with (complete) |
Sector-specific: targeted high-impact priorities
Property & Casualty (Auto) Insurance
4.1 Empower and protect auto insurance consumers (substantially complete)
4.2 Support and implement transformative auto insurance reforms (complete)
4.3 Develop a comprehensive auto insurance data and analytics strategy (complete)
Credit Unions
5.1 Support modernization of credit union framework (complete)
5.2 Ensure appropriate resolution and Deposit Insurance Reserve Fund (DIRF) framework (substantially complete)
5.3 Enhance credit union market conduct supervision (substantially complete)
5.4 Update supervisory and risk assessment approach (complete)
Life & Health Insurance
6.1 Enhance market conduct oversight to protect consumers (substantially complete)
6.2 Improve licensing effectiveness and efficiency (substantially complete)
Mortgage Brokering
7.1 Support government policy direction on the Mortgage Brokerages, Lenders and Administrators Act (MBLAA) (complete)
7.2 Enhance market conduct oversight to protect consumers (complete)
Pensions
8.1 Support plan evolution (complete)
8.2 Develop and consult on prudential supervision framework (substantially complete)
8.3 Refocus pension regulation on burden reduction (complete)
Financial Planners & Advisors
9.1 Implement the title protection framework for Financial Planners/Financial Advisor (complete)