The Financial Services Regulatory Authority of Ontario (FSRA) has published its quarterly service standards scorecard, the eighth publication of the regulator’s service standard performance results.
FSRA says it is striving to improve the delivery of services to consumers and the sectors it regulates, adding that second quarter scores indicate that the regulator’s service targets were met or exceeded almost 85 per cent of the time.
It says 100 per cent of life insurance complaints were assessed and actioned within 120 days, while 93.8 per cent of defined contribution plan wind-up applications were reviewed and decisions made within 90 business days. That said, it adds that auto rate filing decisions were only made 66.7 per cent of the time within 25 days of receiving private passenger auto standard filings (FSRA’s standard performance target for the category is 100 per cent). “Five filings were not approved within timelines because the submissions from insurers did not demonstrate adherence to FSRA’s rate regulation principles or readiness for regulatory review,” they write. “FSRA continues to work with insurers to provide insurers extra time to remediate the filings instead of forcing their withdrawal.”
Similarly, major rate filings reviewed and a decision made within 45 business days occurred only 50 per cent of the time, short of FSRA’s standard performance target of 90 per cent. In this case, the regulator’s mitigation plan involves monitoring assignment and caseload management.
FSRA’s 19 service standards span five key areas altogether, including auto, credit unions, pensions, market conduct and public affairs. “Service standards are essential to good public service. They reflect a pursuit of a measurable level of performance, which stakeholders can expect under normal conditions.”
