In its Q2 Service Standard Scorecard FSRA exceeds service standards in the majority of its regulatory activities
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to improving transparency and accountability in its delivery of regulatory activities.
FSRA is releasing its Service Standards Scorecard for Q2 2021-2022. The 22 service standards and reporting process measures FSRA's performance of key regulatory activities. This quarter, FSRA exceeded service targets for 76% of its standards. Highlights of FSRA's performance include:
- processing 100% of all credit union regulatory applications within 30 days
- reviewing 100% of defined benefit pension plan wind-up applications and decided on within 120 business days
- acknowledging 91.7% of complaints for all sectors in writing within 3 business days of receipt, where reply information was available
FSRA fell below target in some service standards for non-private passenger auto minor filings, complaints, and licence applications processing. This is due to extended reviews of filings and complaints, and a significantly higher volume of applications received since quarter four of the fiscal year 2020-2021.
In response, FSRA is increasing resources and evaluating processes, and expects performance scores in these areas to improve.
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca