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FSRA Introducing Sectoral and Cross-Sectoral Service Standards

by Mortgage Professionals Canada | Oct 08, 2020
The Financial Services Regulatory Authority is introducing new standards; your feedback is needed!
Correspondence From Financial Services Regulatory Authority (FSRA)
FSRA has created standards to set clear service expectations and targets. 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.
 
By creating effective service standards, FSRA will be able to use the quarterly results to improve its public service. The reporting process will help to ensure efficient and transparent practices.
 
FSRA is holding a public consultation on its proposed service standards. It plans to report its first set of results in January/February 2021. To review the proposed service standards and submit your feedback, visit the FSRA Service Standards consultation page. The consultation will close on October 23, 2020. 
 
What Does This Mean?
This guidance outlines the Financial Services Regulatory Authority’s (FSRA) standards of service for its core regulatory services. The guidance also outlines FSRA’s approach to managing and reporting its performance against the service standards.
 
This guidance affects all entities regulated by FSRA, including:
• mortgage administrators
• mortgage agents
• mortgage brokerages
• mortgage brokers
• pension plans
 
This guidance affects the following stakeholders:
• consumers
• general public
 
 
Action Required!
We would like your feedback, if any, to help formulate our response to FSRA on behalf of MPC. The FSRA consultation period for this will end on Friday October 23. Please send us your responses/comments, if any, by Tuesday, October 20.
 
Additionally, you are obviously more than welcome to submit your own opinions directly to FSRA on behalf of your organizations.
 
Reminder - Webinar on Thursday, October 15
Also, we remind our Ontario members about our great webinar being provided at no cost to them on Thursday, October 15 at 11am-11:45am EDT. Join FSRA representatives Antoinette Leung, Head, Financial Institutions and Mortgage Broker Conduct, Jennie Hodgson, Senior Manager, Mortgage Broker Conduct, and Nadiatou Fagbemi, Senior Manager, Mortgage Broker Conduct – Special Situations for "FSRA Updates Explained: Have Your Questions Answered". If you haven't yet, click here to register.
 
 
As always, if you have any questions, please feel free to forward them to us. Thank you.