On March 12, 2021, the Financial Services Regulatory Authority of Ontario (FSRA) published its first quarterly scorecard on its service standard performance. FSRA has 22 service standards to support core regulatory services. The standards measure operational and regulatory activities that FSRA provides to industry and consumer stakeholders, such as licence renewals, regulatory applications, complaints resolution and annual information returns. The standards set service expectations and targets for stakeholders and consumers under normal conditions and are intended to improve accountability and timeliness of service delivery. According to the results for Q3 of 2020:
- FSRA met or exceeded service targets for 80 per cent of its standards over the reporting period.
- Standards that fell below target were related to complaints, licence applications processing (including mortgage broker licensing) and pension applications 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 intends to continue to conduct staff training on the new processes and expects performance scores in all three areas to improve in subsequent quarters.
FSRA intends to monitor quarterly scores and adapt standards to its regulatory activities, resources and the needs of stakeholders. In the fall, as part of its 2022-2023 business planning/budgeting process, FSRA will seek comments regarding the need for additional resources to meet higher standards. The service standards will undergo a full review in early 2022.
April 30, 2021