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Service Level Performance Statistics
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October 2017 to December 2017
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 October 2017 to 31 December 2017.
During this period, 43 measures were in place. No transactions took place for 15 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 24 standards | (96%) | of which 2 has a 100% target |
| Standard not met | 1 standard | (4%) | of which none have a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Notifications
Fiduciary Supervisory and Policy and Innovation Division: One change of controller required additional supervisory consideration before approval could be given.
July 2017 to September 2017
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 July 2017 to 30 September 2017.
During this period, 43 measures were in place. No transactions took place for 15 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
Standard met | 25 standards | (86%) | of which 1 has a 100% target |
Standard not met | 2 standards | (14%) | of which 2 has a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
On-site Reports
Financial Crime Supervisory and Policy Division: One on-site report was delayed until the licensee provided information requested during the inspection.
Licensing
Authorisations Unit: Fast track Fund – Two applications were delayed because of delays in the receipt of information from a third party.
April 2017 to June 2017
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 April 2017 to 30 June 2017.
During this period, 43 measures were in place. No transactions took place for 16 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 24 standards | (86%) | of which 1 has a 100% target |
| Standard not met | 4 standards | (14%) | of which 2 have a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Licence applications
Authorisations Unit: Personal Fiduciary Exemption - An application was made that set a precedent and therefore required longer than the normal period to consider.
Authorisations Unit: Joint Fiduciary Licence – A decision on an application was delayed by a requirement for additional information from the applicant.
Authorisations Unit: Fast track Fund – One novel application that required additional consideration was received in the quarter.
Consultations
Commission Secretary: Consultations - 'Modernisation of Pensions' ran for less than the required six weeks. This was agreed in advance with the industry and government.
January 2017 to March 2017
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 January 2017 to 31 March 2017.
During this period, 43 measures were in place. No transactions took place for 17 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 24 standards | (92%) | of which 3 have a 100% target |
| Standard not met | 2 standard | (8%) | of which 1 has a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Licence Surrenders
Authorisations Unit: Non-regulated Financial Services Businesses should be registered within 56 calendar days of the receipt of a completed application. One application took longer than the specified period due to a poor initial submission and the unavailability of the applicant to meet the Commission.
Consultations
Commission Secretary: The consultation for the Licensees (Conduct of Business) Rules 2016 (Amendment) Rules 2017 was shorter than our standard consultation time. The substantive rules being commenced had already been through the appropriate consultation.
October 2016 to December 2016
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 October 2016 to 31 December 2016.
During this period, 43 measures were in place. No transactions took place for 14 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 27 standards | (93%) | of which 3 have a 100% target |
| Standard not met | 2 standard | (7%) | of which 2 have a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Licence Surrenders
Authorisations Unit: The surrender of insurance licenses should be completed in 5 days, however for one surrender during this quarter this process took longer. The failure to meet this was due to insufficient staff being available to sign off the surrender.
Consultantions
Commission Secretary: The consultation for the Licensees (Conduct of Business) Rule was shorter than our standard consultation time. This was agreed with government and industry in advance.
July 2016 to September 2016
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 July 2015 to 30 September 2015.
During this period, 43 measures were in place. No transactions took place for 13 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 28 standards | (97%) | of which 3 have a 100% target |
| Standard not met | 1 standard | (3%) | of which 1 has a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Licence surrenders
Authorisations Unit: The surrender of insurance licenses should be completed in 5 days, however for one surrender during this quarter this process took longer. The failure to meet this standard is attributed to the accelerated hand-over/take-over of the license surrender process between the Insurance Division and the Authorisations Unit.
April 2016 to June 2016
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 April 2016 to 30 June 2016.
During this period, 43 measures were in place. No transactions took place for 17 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 25 standards | (92%) | of which 3 have a 100% target |
| Standard not met | 2 standards | (7%) | of which 1 has a 100% target |
DETAILED AND SUMMARY RESULTS
The detailed service report is attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Licence surrenders
Authorisations Unit: Approvals for new Directors or Managers of Banks should be decided with 28 days of receipt, however for four applications during this quarter this process took longer. The failure to meet this standard is attributed to the communication issues within the Commission which have been resolved.
Consultations
Commission Wide: The Investment Supervisory and Policy Division issued a consultation on the Manager Led Product in April 2016. This ran for four weeks when the standard requires six weeks. The shortened period had been agreed in advance of the consultations with the affected industry organisations.
January 2016 to March 2016
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 January 2016 to 31 March 2016.
During this period, 43 measures were in place. No transactions took place for 13 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 26 standards | (90%) | of which 2 have a 100% target |
| Standard not met | 3 standard | (10%) | of which 1 has a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Licence applications
Authorisations Unit: An application for an Individual Discretionary Exemption. From the receipt of the completed application to confirm grant or refusal of the application within 7 calendar days, however for one application during this quarter this process took longer. The failure to meet this standard is attributed to the complexity of the application.
Authorisations Unit: An application for an Insurance License. From the receipt of the completed application, acknowledge receipt within within 3 business days, however for one application during this quarter this process took longer. The failure to meet this standard is attributed to the complexity of the application.
Licence surrenders
Authorisations Unit: The surrender of insurance licenses should be completed in 5 days, however for one surrender during this quarter this process took longer. The failure to meet this standard is attributed to delays in the Authorisations Unit.
October 2015 to December 2015
SUMMARY
This report covers performance achieved against service standards during the three month period from 1October 2015 to 31 December 2015.
During this period, 43 measures were in place. No transactions took place for 13 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
Standard met | 27 standards | (93%) | of which 1 has a 100% target |
Standard not met | 2 standards | (7%) | of which 1 has a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Insurance applications
Authorisations Unit: Applications for insurance licenses should be acknowledged within 3 business days, however for four applications during this quarter this process took longer. The failure to meet this standard is attributed to large numbers of applications being received at the same time.
Licence surrenders
Authorisations Unit: The surrender of insurance licenses should be completed in 5 days, however for fourteen surrenders during this quarter this process took longer. The failure to meet this standard is attributed to large numbers of surrenders at the year end.
July 2015 to September 2015
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 July 2015 to 30 September 2015.
During this period, 43 measures were in place. No transactions took place for 13 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 28 standards | (97%) | of which 3 have a 100% target |
| Standard not met | 1 standard | (3%) | of which 1 has a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
STANDARDS NOT MET:
Licence surrenders
Authorisations Unit: The surrender of insurance licenses should be completed in 5 days, however for one surrender during this quarter this process took longer. The failure to meet this standard is attributed to the accelerated hand-over/take-over of the license surrender process between the Insurance Division and the Authorisations Unit.
April 2015 to June 2015
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 April 2015 to 30 June 2015.
During this period, 43 measures were in place. No transactions took place for 8 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 34 standards | (100%) | of which 4 have a 100% target |
| Standard not met | None | (0%) |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
January 2015 to March 2015
SUMMARY
This report covers performance achieved against service standards during the three month period from 1 January 2015 to 31 March 2015.
During this period, 43 measures were in place. No transactions took place for 7 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 34 standards | (97%) | of which 3 have a 100% target |
| Standard not met | 1 standard | (3%) | of which 1 has a 100% target |
DETAILED AND SUMMARY RESULTS
The attached summary report provides a high level view. A more detailed service report is also attached, showing the target rate for each measure and the actual rate achieved during the period.
October 2014 to December 2014
SUMMARY
This report covers performance achieved against service standards during the three months period from 1 October 2014 to 31 December 2014.
During this period, 43 measures were in place. No transactions took place for 7 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 33 standards | (94%) | of which 2 have a 100% target |
| Standard not met | 2 standards | (6%) | of which 1 has a 100% target |
July 2014 to September 2014
SUMMARY
This report covers performance achieved against service standards during the three months period from 1 July 2014 to 30 September 2014.
During this period, 43 measures were in place. No transactions took place for 9 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 31 standards | (94%) | of which 3 have a 100% target |
| Standard not met | 2 standards | (6%) | of which 1 has a 100% target |
April 2014 to June 2014
SUMMARY
This report covers performance achieved against service standards during the three months period from 1 April 2014 to 30 June 2014.
During this period, 43 measures were in place. No transactions took place for 11 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 29 standards | (94%) | of which 2 have a 100% target |
| Standard not met | 2 standards | (6%) | of which 1 has a 100% target |
January 2014 to March 2014
SUMMARY
This report covers performance achieved against service standards during the three months period from 1 January 2014 to 31 March 2014.
During this period, 43 measures were in place. No transactions took place for 5 of the measures and no data was available for 1 other measure in the quarter. For the remainder where we did have activity and data:
| Standard met | 36 standards | (97%) | of which 4 have a 100% target |
| Standard not met | 1 standard | (3%) | of which 0 have a 100% target |
October 2013 to December 2013
SUMMARY
This report covers performance achieved against service standards during the three months period from 1 October 2013 to 31 December 2013.
During this period, 43 measures were in place. No transactions took place for 11 of the measures and no data was available for 2 other measures in the quarter. For the remainder where we did have activity and data:
| Standard met | 28 standards | (93%) | of which 1 has a 100% target |
| Standard not met | 2 standards | (7%) | of which 1 has a 100% target |
July 2013 to September 2013
SUMMARY
This report covers performance achieved against service standards during the three months period from 1 July 2013 to 30 September 2013.
During this period, 44 measures were in place. No transactions took place for 7 of the measures and no data was available for 6 other measures in the quarter. One other measure was excluded as the service standard, which relates to on-site report delivery, is under development. For the remainder where we did have activity and data:
| Standard met | 27 standards | (90%) | of which 2 have a 100% target |
| Standard not met | 3 standards | (10%) | of which 1 has a 100% target |
April 2013 to June 2013
SUMMARY
This report covers performance achieved against service standards during the three months period from 1 April 2013 to 30 June 2013.
During this period, 44 measures were in place. No transactions took place for 11 of the measures and no data was available for 9 other measures in the quarter. For the remainder where we did have activity and data:
| Standard met | 18 standards | (75%) | of which 3 have 100% target |
| Standard not met | 6 standards | (25%) | of which 1 has a 100% target |