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.