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The Financial Services Regulatory Authority of Ontario (FSRA) is holding a public consultation on its proposed service standards, the regulator said in a release on Thursday.

Establishing “meaningful” service standards is part of the regulator’s 2020-2023 business plan.

In 2019, FSRA assumed the regulatory functions of the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario. In its service standards plan, FSRA said the regulatory framework it inherited was perceived as lacking accountability and responsiveness.

“Stakeholders are adversely affected if timely, reasonable, predictable and well-understood delivery of regulatory activities does not consistently occur,” FSRA said in the plan. “Service standards are a key tool to ensure unnecessary regulatory burden is minimized.”

The 22 proposed service standards┬áset clear service expectations and targets, FSRA said in Thursday’s release.

“By creating effective service standards, FSRA will be able to use the quarterly results to improve its public service,” the release said. “The reporting process will help to ensure efficient and transparent practices.”

The consultation period closes on Oct. 23, 2020, and FSRA plans to report its first set of results in early 2021.