FSRA takes action to improve on its Q2 FY 2024-2025 Service Standards Scorecard
Q2 FY 2024-2025 Service Standards Scorecard
FSRA takes action to improve performance in the future
FSRA is releasing its Q2 FY 2024-2025 service standards scorecard. Although FSRA consistently met or surpassed 86.1% of its service targets across all regulated sectors, the processing time for Life Insurance complaint files fell below target because some complaint files required extended review. FSRA is conducting a focused review of all Life Insurance complaints to ensure timely resolution and/or transfer for further review.
Additionally, three types of Licensing applications (Corporate Life & Health Agents, Corporate P&C Insurance Agents, and Health Service Providers) did not meet targets due to resource constraints. However, these constraints have been addressed to ensure service levels are restored in Q3 FY 2024-2025.
The quarterly report evaluates FSRA's operational and regulatory activities, including license renewals, regulatory applications, complaint handling and the collection of annual information returns (AIRs).
FSRA uses this performance data to evaluate the efficiency and effectiveness of its resourcing, business processes and public service year-round.
Key highlights from the Q2 report:
- FSRA reviewed and approved 96% of all new and renewal Mortgage Agents & Brokers applications within 20 days
- FSRA reviewed and decided on 100% of Major Rate Filings within 45 days
- FSRA reviewed and decided on 100% of Defined Contribution plan wind-up applications within 90 business days
- FSRA assessed and actioned 96.8% of Auto complaints within 90 days
- FSRA processed 93.3% of all Credit Union regulatory applications within 30 days
FSRA’s service standards and the scorecard enhance service delivery, accountability and transparency. Where performance falls short, FSRA analyzes contributing factors and develops a plan to improve and meet service targets.
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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.