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
2012-13

Estimates
2011-12

Difference
Between
2012-13
and
2011-12

Actual
2010-11

  OPERATING EXPENSE        
1 Financial Services Commission of Ontario 2,325,900 1,950,000 375,900 3,134,951
2 Motor Vehicle Accident Claims Fund 1,000 1,000 - -
  TOTAL OPERATING EXPENSE TO BE VOTED 2,326,900 1,951,000 375,900 3,134,951
Statutory Bad Debt Expense, the Financial Administration Act 1,000 1,000 - -
  Total Statutory Appropriations 1,000 1,000 - -
  Total Operating Expense 2,327,900 1,952,000 375,900 3,134,951
  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 1,000 320,100 (319,100) 134,461
  Total Statutory Appropriations 1,000 320,100 (319,100) 134,461
  Total Capital Expense 2,000 321,100 (319,100) 134,461
  CAPITAL ASSETS        
3 Financial Services Industry Regulation Program 550,000 650,000 (100,000) 469,326
  TOTAL CAPITAL ASSETS TO BE VOTED 550,000 650,000 (100,000) 469,326
  Total Capital Assets 550,000 650,000 (100,000) 469,326


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     44,292,500
  Employee benefits     8,580,200
  Transportation and communication     820,400
  Services     32,581,200
  Supplies and equipment     938,000
  Subtotal     87,212,300
  Less: Recoveries     84,886,400
  Total Operating Expense to be Voted     2,325,900
1204-2 Motor Vehicle Accident Claims Fund      
  Salaries and wages     1,943,100
  Employee benefits     280,400
  Transportation and communication     69,000
  Services     7,152,000
  Supplies and equipment     90,800
  Subtotal     9,535,300
  Less: Recoveries     9,534,300
  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     2,327,900
  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      
Statutory Amortization, the Financial Administration Act      
  Other transactions     451,900
  Less: Recoveries     450,900
  Total Capital Expense for Financial Services Industry Regulation Program     2,000
  CAPITAL ASSETS      
1204-3 Financial Services Industry Regulation Program      
  Information technology hardware     550,000
  Total Capital Assets to be Voted     550,000
  Total Capital Assets for Financial Services Industry Regulation Program     550,000