Fourth-quarter performance results are in and FSRA has improved its service standards, overall, by over 10% and exceeded service targets for most of its key standards. Highlights of the recent progress include:
100% of public inquiries received response within 24 hours
90.9% of Pension wind-up applications for Defined Benefit Plan reviewed and a decision was made within 120 days
100% of Credit Union regulatory applications processed within 30 days
90.3% of Insurance Agent licences issued within 10 days from receipt of a complete application
FSRA uses the performance data to evaluate the efficiency and effectiveness of its resourcing, business processes and public service year-round. This holistic, data-oriented approach helps to ensure constant improvement of its public service.
The service 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. FSRA continues to monitor the standards and targets on a regular basis and will propose changes based on its regulatory activities in the current market, resources and stakeholder needs.