FSRA Commits to Transparency and Efficiency by Introducing Service Standards
The Financial Services Regulatory Authority (FSRA) is publishing its first quarterly scorecard on its service standard performance. The 22 service standards set clear service expectations and targets for stakeholders and consumers, which they can expect under normal conditions. The standards include metrics for regulatory activities performed in Credit Unions, Auto, Pensions, Market Conduct and Public Relations.
The Q3 2020 scorecard represents the first publication of FSRA’s service standard performance results. The results from the third quarter of the 2020 fiscal year showed that:
- FSRA met or exceeded service targets for 80 per cent of its standards this quarter.
- Standards that fell below target were related to complaints processing, licence application processing and pension application processing.
- The below-target performance is an outcome of FSRA adopting new service processes mid-quarter. The processes required staff to adapt to new steps and technology.
- Where FSRA fell below target, it has identified mitigation plans. FSRA will continue to conduct staff training on the new processes and expects performance scores in all three areas to improve in subsequent quarters.
The first scorecard was originally set to release in April 2020, but it was delayed due to the COVID-19 pandemic and resulting business disruption. FSRA has since adapted its processes and will use the quarterly results to continuously improve its public service, transparency and accountability in the delivery of regulatory activities.
As a result of the comments received during the public consultation on the proposed service standards, FSRA is reviewing the data collection process for Credit Union applications. FSRA will contact applicants within 15 business days of an application submission if more information is needed. The process change will allow Credit Union applicants sufficient time to provide supplementary details, while minimizing impacts to their business operations as they await FSRA’s review and approval.
The proposed service standards were calibrated based on current resources and budget, as outlined in the Proposed FY2021-2022 Statement of Priorities and Budget. FSRA will continue to tailor the standards to its regulatory activities, resources and the needs of stakeholders. FSRA will seek stakeholder comments during the FY2022-2023 business planning/budgeting process in fall 2021. The service standards will undergo a full review in January 2022.