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 -ITEM # |
STANDARD ACCOUNT BY ITEM AND SUB-ITEMS | |||
|---|---|---|---|---|
| OPERATING EXPENSE | ||||
| 1204-1 | Financial Services Commission of Ontario | |||
| Salaries and wages | 38,923,900 | |||
| Employee benefits | 7,392,100 | |||
| Transportation and communication | 848,400 | |||
| Services | 17,650,000 | |||
| Supplies and equipment | 837,600 | |||
| Subtotal | 65,652,000 | |||
| Less: Recoveries | 61,202,000 | |||
| Total Operating Expense to be Voted | 4,450,000 | |||
| 1204-2 | Motor Vehicle Accident Claims Fund | |||
| Salaries and wages | 1,781,300 | |||
| Employee benefits | 264,900 | |||
| Transportation and communication | 67,600 | |||
| Services | 6,316,900 | |||
| Supplies and equipment | 89,000 | |||
| Subtotal | 8,519,700 | |||
| Less: Recoveries | 8,518,700 | |||
| 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 | |||
| 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 | 188,000 | ||
| Total Capital Expense for Financial Services Industry Regulation Program | 189,000 | |||
| 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 |
