FSRA continues to meet or exceed its service standards

FSRA is releasing its Q4 2023-24 service standards scorecard, the fourteenth scorecard put out by the regulator. In every quarterly report to-date, FSRA has met or exceeded service targets for 92.1% of its standards.

The service standards and reporting process are designed to improve service delivery, accountability and transparency for FSRA and its stakeholders. The service standards measure operational and regulatory activities such as licence renewals, regulatory applications, the handling of complaints 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 Q4 report:

  • FSRA processed 100% of all credit union regulatory applications within 30 days
  • FSRA assessed and actioned 93.6% of auto complaints within 120 days
  • FSRA assessed and actioned 98.6% of mortgage broker complaints within 270 days
  • FSRA reviewed 100% of defined contribution plan wind-up applications and made a decision within 90 business days

All service standard results are rigorously reviewed by FSRA’s internal Risk team in collaboration with the regulatory divisions. Where there is a shortfall in performance score they work to understand the environmental, seasonal and business factors that may have affected service delivery during the quarter. The team then develops a plan to bring the service level up to target.

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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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