ID
2020-012

Type
Policy
Sector
All Sectors
Status
Public comment closed
Date
Comment Due Date

Thank you for providing your feedback on FSRA’s Proposed Service Standards.

We appreciate the comments and questions received to date. Your feedback will help to inform our final service standards.

The request for submissions is now closed.

Learn more about this consultation

Service standards are essential to good public service. They reflect a pursuit of a measurable level of performance, which stakeholders can expect under normal conditions. FSRA has created standards to set clear service expectations and targets, and it is holding a public consultation to seek feedback on its proposed standards.

By creating effective service standards, FSRA will be able to use the quarterly results to improve its public service. The reporting process will help to ensure efficient and transparent practices. FSRA plans to report its first set of results in January/February 2021.

Useful link

#By submitting your content, you agree to have your materials posted on our engagement portal, used in reports and other materials prepared by Financial Services Regulatory Authority of Ontario (FSRA) that may be shared with the public. Content is moderated so that all posts are respectful and professional. The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, applies to all online content.

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Sector Comment Date posted Sort ascending
Credit Unions and Caisses Populaires
[2020-012] Michael Ras - Meridian

February 9, 2021
All Sectors
[2020-012] Kim Donaldson - Insurance Bureau of Canada (IBC)

February 9, 2021
Credit Unions and Caisses Populaires
[2020-012] Nick Best - Canadian Credit Union Association, CCUA

February 9, 2021
Pensions
[2020-012] Danelle Parkinson - The Association of Canadian Pension Management (ACPM)

February 9, 2021
Auto Insurance
[2020-012] Catherine Allman - Canadian Association of Direct Relationship Insurers
Please find attached our submission on FSRA’s proposed service standards.
CADRI notes its appreciation of FSRA’s transparency. It also recommends a cap or maximum time to decide on some rate filing standards and welcomes 10-day turnarounds on licensing applications and renewals.

October 23, 2020
Life and Health Insurance
[2020-012] Brent Mizzen - Canadian Life and Health Insurance Association
Attached please find CLHIA's comments on the FSRA Service Standards.
October 23, 2020
Auto Insurance
[2020-012] Sam Palmerio - Desjardins
Please find attached the comments of Desjardins related to FSRA's Service Standards consultation. Thank you for the opportunity to share our thoughts.
October 23, 2020
[2020-012] John Taylor - Ontario Mutual Insurance Association
Please find attached the Ontario Mutual Insurance Association's submission with regards to FSRA Service Standards.
October 16, 2020
Credit Unions and Caisses Populaires
[2020-012] Terrance Dubois - WFG (Independant Broker)
This is regarding Mortgages offered by Credit Unions. When looking into the financial advantage of obtaining a Home Equity Line of Credit as opposed to a Mortgage (held by a Credit Union). Whether the HELOC is offered by the Credit Union or another Financial Institution. When inquiring (especially in these times), about discharging a Mortgage, a Credit Union holds an option clause in the Penalty to discharge. Clients are always told of the first penalty which is a typical 3 month charge, but when actually trying to discharge the Mortgage, the Credit Union will counter with a much higher penalty. Credit Unions have a contract with 2 penalty types. I find this poor business and deceiving when trying to assist a client in restructuring finances. Some Credit Unions have replied to a Client that they can not obtain a Mortgage Discharge. Is this somewhat about what FSRA is trying to improve for Public Service? Thank you.
October 3, 2020
Pensions
[2020-012] Real Gagne - iA Financial Group
45 days to respond to Inquiries (plan specific, non-plan specific and general) is not reasonable
-- this is more than 2 months, and could even be more during Holidays.
-- Many statutory delays are below the 45 working days threshold: for delays that are below 60 days (actual days).

General inquiries need to be answered within 15 working days.


October 2, 2020
Mortgage Brokering
[2020-012] Daniel Vyner - DV Capital Corporation
Dear FSRA:

Concerning licensing efficiencies in the Mortgage Brokering Sector, we'd like to humbly suggest that similar policies are executed for existing licensees that wish to transfer their license to another Mortgage Brokerage. Needless to say that this will ultimately expedite a quite common process for mortgage agents, mortgage brokers, and mortgage brokerages alike.
October 2, 2020
Credit Unions and Caisses Populaires
[2020-012] Janet Grantham - Mainstreet
I am concerned that the target for the final report on examinations within 60 days is 65%, I understand that delays can happen but I would have liked to see this at a minimum of 80%
October 2, 2020
Financial Planners and Advisors
[2020-012] Beethoven Crasco - Primerica Life Insurance
I noticed you don’t allow financial advisors to attach in their name their license codes unlike with mortgages agents and brokers. I also read during my review for my mutual fund license you prohibited in using ‘license’ attached to their names. In fairness to all sectors, will you allow everyone to put their license codes in their names for the public to know they are authorized to do business or not. Thank you!
October 2, 2020
Date posted Sector Question and response

Question: Just received a very broad email, confused if action is required? The consultation closed oct 23rd are there any requirements on my end before this expiry date? Thanks!

FSRA response:

You may have received the email announcement because your email address is listed as a sector stakeholder. Please be assured that you are not obligated to submit feedback to the consultation or take any specific action. If you wish to be removed from the mailing list, please click on the “Unsubscribe” link at the bottom of the email.

Auto Insurance

Question: What mechanism you are planning to control Non License agents sitting in Tim Horton and all similar type of location. These people take cash money and putting innocent people in group insurance. Also there are insurance fraud going on by giving remote area address for low cost of insurance and people like us has to pay for that.

FSRA response:

This comment was forwarded to FSRA Market Conduct. FSRA takes complaints of fraud and unlicensed activity seriously. Complaints that we receive of this nature are actioned and reviewed by our Complaints and Risk Assessment Team. Where there is sufficient evidence to investigate, the most serious cases are escalated to our Enforcement Team for further review.