Service Level Agreement between the Financial Services Authority and Beneficiaries

Service Level Agreement (SLA) between the Financial Services Authority and Beneficiaries

1. Introduction This document aims to clarify the Service Level Agreement (SLA) between the Financial Services Authority (FSA) and the beneficiaries of the service, which aims to provide services with high quality and specific performance standards to ensure transparency, improve user experience, and increase customer satisfaction.

2. Purpose and Scope This Service Level Agreement (SLA) defines the expected service levels and the responsibilities of the Financial Services Authority (FSA) and the beneficiaries of its services. This agreement aims to achieve excellence in providing digital financial services and ensure accountability and transparency.

3. Services Covered This agreement covers the services provided by the Financial Services Authority and listed in the services guide at the following link: https://gov.om

4. Performance Standards The Financial Services Authority is committed to providing the mentioned services according to the following standards:

• Service Availability: Services must be available during official working hours from 07:30 AM to 14:00 PM, Sunday to Thursday.
• Critical Services: Some critical services, such as financial solvency automation for insurance brokers, extend to 24/7 to ensure business continuity.

5. Service Availability

• Official Working Hours: Services are available during official working days, excluding official holidays.
• Critical Services: Some services are available 24/7 to ensure business continuity.

6. Key Performance Indicators (KPIs) Performance will be measured based on the following performance indicators:

• Response Time to Requests: Initial response to requests within 24 business hours.
• Request Completion: Requests are processed within the specified and approved timeframe on the Unified Government Services Portal https://gov.om.
• Accuracy: Achieving a 99% accuracy rate in issued reports and licenses.
• Customer Satisfaction: Maintaining a satisfaction rate of no less than 90%.

7. Roles and Responsibilities

• Financial Services Authority (FSA): Responsible for providing services in accordance with the agreement, ensuring performance monitoring, and publishing periodic reports.
• Service Beneficiaries: Must provide accurate data and update it regularly, and adhere to the required guidelines.

8. Reporting and Transparency

• Monthly Reports: The Financial Services Authority will publish monthly reports detailing performance according to the Key Performance Indicators.
• Annual Review: The Service Level Agreement will be reviewed annually to ensure the required performance is achieved and any necessary updates are made.

9. Continuous Improvement

• Feedback Mechanism: The Financial Services Authority encourages feedback from beneficiaries regarding service quality to stimulate continuous improvement.
• Periodic Review: The agreement will be reviewed and updated every six months to ensure it meets customer needs and the Authority's objectives.

10. Violations and Escalation

• Violations: In case of failure to achieve performance indicators, an internal investigation will be conducted to identify the causes of the problem and take necessary corrective actions.
• Escalation Procedures: Issues that cannot be resolved are escalated to senior management within 48 hours.

11. Stakeholder Engagement

• Stakeholder Engagement: All stakeholders were involved during the drafting of this agreement to ensure its alignment with their requirements.
• Training: Employees will be trained periodically to ensure adherence to Service Level Agreement standards.

12. Appendix: Compliance with Indicator Requirements

• Indicator Name: Quality and Efficiency of Operations and Service Provision and Use.
• Perspective Name: Digital Services Maturity Perspective.
• Axis Name: Operational Efficiency. Compliance with Indicator Requirements:
• The Authority's commitment to providing high-quality digital services.
• Providing a mechanism for monitoring performance and ensuring the achievement of required levels.
• Periodic review and continuous improvement to ensure services align with beneficiaries' expectations. Head of Digital Transformation Team