FSCO was established under the Financial Services Commission of Ontario Act, 1997 (FSCO Act) with a legislative mandate set out in the FSCO Act.
FSCO's legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates.
FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance.
In order to support FSCO’s legislative mandate, the FSCO Act sets out a three-part structure for FSCO, which includes the Commission; the Superintendent of Financial Services and Staff; and the Financial Services Tribunal (Tribunal).
As of September 30, 2014, FSCO regulated or registered:
- 331 insurance companies
- 7,283 pension plans
- 121 credit unions and caisses populaires
- 52 loan and trust corporations
- 1,163 mortgage brokerages
- 2,566 mortgage brokers
- 9,214 mortgage agents
- 120 mortgage administrators
- 1,782 co-operative corporations
- 48,568 insurance agents
- 5,268 corporate insurance agencies
- 1,499 insurance adjusters