FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

Back to the Ministry of Finance Summary page

FINANCIAL SERVICES INDUSTRY REGULATION PROGRAM - VOTE 1204

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 SUMMARY
($)
ITEM # ITEM

Estimates
2009-10

Estimates
2008-09

Difference
Between
2009-10
and
2008-09

Actual
2007-08
  OPERATING EXPENSE  
1 Financial Services Commission of Ontario 4,450,000 8,400,000 (3,950,000) 1,443,481
2 Motor Vehicle Accident Claims Fund 1,000 1,000 - -
  TOTAL OPERATING EXPENSE TO BE VOTED 4,451,000 8,401,000 (3,950,000) 1,443,481
Statutory Bad Debt Expense, the Financial Administration Act 1,000 1,000 - -
  Total Statutory Appropriations 1,000 1,000 - -
  Total Operating Expense 4,452,000 8,402,000 (3,950,000) 1,443,481
  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 63,000 - 63,000 -
  Total Statutory Appropriations 63,000 - 63,000 -
  Total Capital Expense 64,000 - 64,000 -
  CAPITAL ASSETS        
3 Financial Services Industry Regulation Program 550,000 - 550,000 -
  TOTAL CAPITAL ASSETS TO BE VOTED 550,000 - 550,000 -
  Total Capital Assets 550,000 - 550,000 -



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     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