The Financial Services Regulatory Authority of Ontario (FSRA) continues to improve how it serves consumers and the sectors it regulates.
FSRA is releasing its Service Standards Scorecard for the first quarter of 2022-2023.
Results for this period show that FSRA met or exceeded its service targets for 97 per cent of its standards, improving 5 per cent over the previous quarter.
The Service Standards Scorecard provides a measurement of FSRA’s performance in key areas of its public service, such as reviewing licensing applications, responding to public inquiries and resolving complaints.
Highlights from FSRA’s Q1 FY 2022-2023 service standard scorecard include:
- 100 per cent of all credit union regulatory applications were processed within 30 days after all required information was received
- 100 per cent of Pension Defined Contribution Plan wind-up applications were reviewed and a decision made within 90 business days
91.5 per cent of complaints for all sectors were acknowledged in writing within three business days of receipt, provided that the reply information was available
- 91.9 percent of Underwriting Rules, Endorsement and Form Filings for Auto Insurance were reviewed, and a decision was made within 30 business days.
FSRA fell below target in only one area this period - Private Passenger Auto (PPA) standard filing. This is due to extended filing deadlines provided to insurers. FSRA will continue to monitor principle-based adherence to the PPA standard filings and encourage insurers to continue to make use of this tool.