Back to the Ministry of Finance Summary page

 

The Financial Services Commission of Ontario (FSCO) regulates the province’s financial services sector, including insurance companies, pension plans, credit unions, caisses populaires, mortgage brokers, agents and administrators, loan and trust companies, and co-operatives. FSCO also makes recommendations to the Minister of Finance on matters affecting these sectors. In addition, FSCO is responsible for the administration of the Motor Vehicle Accident Claims Fund (MVACF) which compensates people injured in automobile accidents in Ontario where there is no other insurance available to respond to the claim. FSCO is also responsible for the administration of the Pension Benefits Guarantee Fund (PBGF). The PBGF pays a minimum level of pension benefits if a plan is wound up with insufficient assets.

FSCO works with the Ministry of Finance, consumers and industry stakeholders to protect the public interest, enhance public confidence, and create a business climate that promotes Ontario’s domestic and international competitiveness.

VOTE SUMMARY
($)
ITEM # ITEM

Estimates
2011-12

Estimates
2010-11

Difference
Between
2011-12
and
2010-11

Actual
2009-10

  OPERATING EXPENSE        
1 Financial Services Commission of Ontario 1,950,000 4,450,000 (2,500,000) 506,148,192
2 Motor Vehicle Accident Claims Fund 1,000 1,000 - -
  TOTAL OPERATING EXPENSE TO BE VOTED 1,951,000 4,451,000 (2,500,000) 506,148,192
Statutory Bad Debt Expense, the Financial Administration Act 1,000 1,000 - -
  Total Statutory Appropriations 1,000 1,000 - -
  Total Operating Expense 1,952,000 4,452,000 (2,500,000) 506,148,192
  OPERATING ASSETS        
5 Financial Services Industry Regulation Program 1,000 - 1,000 -
  TOTAL OPERATING ASSETS TO BE VOTED 1,000 - 1,000 -
  Total Operating Assets 1,000 - 1,000 -
  CAPITAL EXPENSE        
4 Financial Services Industry Regulation Program 1,000 1,000 - -
  TOTAL CAPITAL EXPENSE TO BE VOTED 1,000 1,000 - -
Statutory Amortization, the Financial Administration Act 320,100 188,000 132,100 14,807
  Total Statutory Appropriations 320,100 188,000 132,100 14,807
  Total Capital Expense 321,100 189,000 132,100 14,807
  CAPITAL ASSETS        
3 Financial Services Industry Regulation Program 650,000 550,000 100,000 530,352
  TOTAL CAPITAL ASSETS TO BE VOTED 650,000 550,000 100,000 530,352
  Total Capital Assets 650,000 550,000 100,000 530,352



Standard Account by Item and Sub-items
($)
VOTE -ITEM
#
STANDARD ACCOUNT BY ITEM AND SUB-ITEMS      
  OPERATING EXPENSE      
1204-1 Financial Services Commission of Ontario      
  Salaries and wages     41,833,000
  Employee benefits     7,944,000
  Transportation and communication     869,500
  Services     19,761,900
  Supplies and equipment     713,700
  Subtotal     71,122,100
  Less: Recoveries     69,172,100
  Total Operating Expense to be Voted     1,950,000
1204-2 Motor Vehicle Accident Claims Fund      
  Salaries and wages     1,888,100
  Employee benefits     277,800
  Transportation and communication     68,300
  Services     6,724,000
  Supplies and equipment     89,900
  Subtotal     9,048,100
  Less: Recoveries     9,047,100
  Total Operating Expense to be Voted     1,000
  Statutory Appropriations      
  Other transactions      
Statutory    Bad Debt Expense, the Financial Administration Act     1,000
  Total Operating Expense for Financial Services Industry Regulation Program     1,952,000
  OPERATING ASSETS      
1204-5 Financial Services Industry Regulation Program      
  Deposits and prepaid expenses     1,000
  Total Operating Assets to be Voted     1,000
  Total Operating Assets for Financial Services Industry Regulation Program     1,000
  CAPITAL EXPENSE      
1204-4 Financial Services Industry Regulation Program      
  Other transactions     1,000
  Total Capital Expense to be Voted     1,000
  Statutory Appropriations      
  Other transactions      
Statutory    Amortization, the Financial Administration Act     320,100
  Total Capital Expense for Financial Services Industry Regulation Program     321,100
  CAPITAL ASSETS      
1204-3 Financial Services Industry Regulation Program      
  Information technology hardware     550,000
  Land and marine fleet     100,000
  Total Capital Assets to be Voted     650,000
  Total Capital Assets for Financial Services Industry Regulation Program     650,000