Ministry of Finance - Vote 745

FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

The Financial Services Commission of Ontario 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. The Financial Services Commission of Ontario 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. On November 1, 1997, the Ontario Securities Commission became a self-funding agency, financing its operations through retention of its fee revenues.

FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM 1204 - Operating Expenses Summary

ItemACTIVITIES 

2005-06
Estimates
$

Change
from
2004-05
$

2004-05
Estimates
$

2003-04
Actual
$

1 Financial Services Commission of Ontario   500,000 (-46,419,800) 46,919,800 39,474,204
2 Motor Vehicle Accident Claims Fund   1,000 (-862,200) 863,200 862,201
     
  Total Operating Expenses   501,000 (-47,282,000) 47,783,000 40,336,405
     
  Amount to be Voted   501,000 (-47,282,000) 47,783,000 40,336,405
     


FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - Standard Accounts Classification of Activities and Sub-activities - OPERATING EXPENSES

Financial Services Commission of Ontario (1204-1) Activity $
Salaries and wages 27,234,800
Employee benefits 3,110,200
Transportation and communication 794,000
Services 17,303,100
Supplies and equipment 1,308,400
Subtotal 49,750,500
Less: Recoveries 49,250,500
Activity Total 500,000


Motor Vehicle Accident Claims Fund (1204-2) Activity $
Salaries and wages 1,453,100
Employee benefits 324,500
Transportation and communication 64,800
Services 4,551,500
Supplies and equipment 85,500
Subtotal 6,479,400
Less: Recoveries 6,478,400
Activity Total 1,000


Total Operating for Financial Services Industry Regulation Program 501,000