The Financial Services Commission of Ontario (FSCO) regulates insurance companies, pension plans, credit unions, caisses populaires, mortgage brokers, agents and administrators, loan and trust companies, and co-operative organizations. FSCO also makes recommendations to the Minister on matters affecting the regulated sectors. FSCO is also responsible for the administration of the Motor Vehicle Accident Claims Fund (MVACF) which compensates persons 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 consumers, industry stakeholders and investors to protect the public interest, enhance public confidence, and create a business climate that promotes Ontarios domestic and international competitiveness.
VOTE -ITEM # |
STANDARD ACCOUNT BY ITEM AND SUB-ITEMS | |||
---|---|---|---|---|
OPERATING EXPENSE | ||||
1204-1 | Financial Services Commission of Ontario | |||
Salaries and wages | 37,306,600 | |||
Employee benefits | 7,084,500 | |||
Transportation and communication | 795,000 | |||
Services | 19,748,600 | |||
Supplies and equipment | 815,400 | |||
Subtotal | 65,750,100 | |||
Less: Recoveries | 61,300,100 | |||
Total Operating Expense to be Voted | 4,450,000 | |||
1204-2 | Motor Vehicle Accident Claims Fund | |||
Salaries and wages | 1,729,400 | |||
Employee benefits | 262,300 | |||
Transportation and communication | 67,000 | |||
Services | 6,114,900 | |||
Supplies and equipment | 88,100 | |||
Subtotal | 8,261,700 | |||
Less: Recoveries | 8,260,700 | |||
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 | 4,452,000 | |||
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 | 63,000 | ||
Total Capital Expense for Financial Services Industry Regulation Program | 64,000 | |||
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 |