FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

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FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

The Financial Services Commission of Ontario (FSCO) provides for the regulation of insurance, pension plans, loan and trust companies, credit unions and caisses populaires, mortgage brokers and co-operative corporations by delivering efficient and effective regulatory services that protect consumers of financial services and support a reliable, dynamic and competitive industry. FSCO also makes recommendations to the Minister on matters affecting the regulated sectors. In addition, the Motor Vehicle Accident Claims Fund compensates persons injured in automobile accidents in Ontario by an uninsured, unidentified or stolen vehicle where there is no other insurance available to respond to the claim.

Securities regulation in Ontario is performed by the Ontario Securities Commission (OSC). On November 1, 1997, the OSC became a self-funding agency, financing its operations through retention of its fee revenues.

FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM 1204 - Operating Expenses Summary

VOTE and item Accrual 2004-05 Estimates VOTE AND ITEMS Change from 2003-04 Accrual 2003-04 Estimates Cash 2002-03 Actual
  $   $ $ $
1204   FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM      
OPERATING          
1 46,919,800 Financial Services Commission of Ontario 5,653,100 41,266,700 40,176,504
2 863,200 Motor Vehicle Accident Claims Fund - 863,200 -
  47,783,000 Total Operating 5,653,100 42,129,900 40,176,504
  - Less: Special Warrants (31,200,000) 31,200,000 -
  47,783,000 Amount to be Voted 36,853,100 10,929,900 40,176,504


OPERATING  
Financial Services Commission of Ontario (1204-1) $
Salaries and wages 27,234,800
Employee benefits 3,110,100
Transportation and communication 794,000
Services 15,302,500
Supplies and equipment 1,308,400
Transfer payments  
Schulich School Grant 20,000
  47,769,800
Less: Recoveries 850,000
  46,919,800
Motor Vehicle Accident Claims Fund (1204-2) $
Salaries and wages 1,253,100
Employee benefits 284,500
Transportation and communication 64,800
Services 3,399,800
Supplies and equipment 85,500
Other transactions 862,200
  5,949,900
Less: Recoveries 5,086,700
  863,200
Total Operating for Financial Services Industry Regulation Program 47,783,000