Annual Report 2015-2016

​Table of contents


About the Financial Services Commission of Ontario


The Financial Services Commission of Ontario (FSCO) is a regulatory agency accountable to the Minister of Finance, established by the Financial Services Commission of Ontario Act, 1997 (FSCO Act). FSCO oversees insurance, pension plans, mortgage brokering, credit unions and caisses populaires, co-operative corporations, loan and trust companies in Ontario, and the business and billing practices of health service providers that electronically invoice auto insurers for statutory accident benefits claims.


FSCO is committed to being a progressive and fair regulator, working with stakeholders to enhance public confidence in the regulated sectors, and protecting the interests of consumers and pension plan beneficiaries.

Who We Regulate

As of March 31, 2016, FSCO regulated or registered:


  • 322 insurance companies
  • 6,996 pension plans
  • 106 credit unions and caisses populaires
  • 51 loan and trust corporations
  • 1,199 mortgage brokerages
  • 2,489 mortgage brokers
  • 9,954 mortgage agents
  • 154 mortgage administrators
  • 1,794 co-operative corporations
  • 51,994 insurance agents
  • 4,992 corporate insurance agencies
  • 1,678 insurance adjusters
  • 4,344 health service providers

Relevant Statutes

  • Financial Services Commission of Ontario Act, 1997
  • Automobile Insurance Rate Stabilization Act, 2003
  • Insurance Act
  • Compulsory Automobile Insurance Act
  • Prepaid Hospital and Medical Services Act
  • Registered Insurance Brokers Act
  • Motor Vehicle Accident Claims Act
  • Co-operative Corporations Act
  • Credit Unions and Caisses Populaires Act, 1994
  • Loan and Trust Corporations Act
  • Mortgage Brokerages, Lenders and Administrators Act, 2006
  • Pension Benefits Act

Governance and Accountability

FSCO is comprised of a three-part structure: the Commission, the Superintendent of Financial Services and staff, and the Financial Services Tribunal.

Commission Membership and Purposes

Appointments to the Commission are made in accordance with the guidelines established by Ontario’s Public Appointments Secretariat.


Members of the Commission
Florence A. HoldenChair (Acting)August 8, 2014September 5, 2017
Denis BoivinVice Chair (Acting)December 1, 2014July 22, 2017
VacantVice Chair N/AN/A
Tom GolfettoDirector of ArbitrationsMay 4, 2009May 3, 2017
Brian MillsCEO and Superintendent of Financial Services (Interim)October 18, 2014N/A


The Commission meets quarterly and reviews and approves key planning, strategic and accountability documents, including FSCO’s:

  • Agency Business Plan;
  • Statement of Priorities; and
  • Annual Report.

Commission members are also invited to attend FSCO’s Audit and Risk Committee meetings.


FSCO has a well established series of ongoing internal committees on various policy and operational issues, which play a key role in day-to-day activities. Internal steering committees also guide key projects that involve different units or affect a number of areas within FSCO.

Superintendent and Staff

The Superintendent of Financial Services (Superintendent) administers and enforces the FSCO Act and all other acts that confer powers on or assign duties to the Superintendent. All FSCO staff report directly or indirectly to the Superintendent. FSCO staff, who are public servants under the Public Service of Ontario Act, 2006, perform FSCO’s day-to-day work.


Under the FSCO Act, the powers and duties of the Superintendent  include:

  • Generally supervising the regulated sectors;
  • Administering and enforcing the FSCO Act and every other act that confers powers on or assigns duties to the Superintendent;  and
  • Being responsible for FSCO’s financial and administrative  affairs.

Financial Services Tribunal

The Financial Services Tribunal (FST) is an expert, independent adjudicative body. The chair and vice-  chairs of the FST are also the chairs and vice-chairs of the Commission. More information on the FST appears later in this report.

Governance and Management Processes

The foundation for FSCO’s corporate governance is provided by the Management Board of Cabinet’s Agencies and Appointments Directive (AAD) and the Memorandum of Understanding (MOU) among the Minister of Finance, the Chair of the Commission, and the Superintendent of Financial Services/Chief Executive Officer.


The AAD sets out the process for establishing a new agency classified under the directive, and the accountability framework governing agencies and ministries in the operation of agencies. It uses a risk-based approach in managing agency accountability.


The MOU outlines the accountability framework between the Minister and FSCO, establishes tools for governance and accountability, and explains roles, relationships and mutual expectations.

Performance Measurement Framework

FSCO’s Performance Measurement Framework ensures greater transparency, accountability and value for money. It also ensures that FSCO measures performance, focuses on meaningful results, and reports on outcomes.

Financial Reporting

As an Ontario government agency, FSCO receives an annual spending authority through the government planning process, based on needs and government priorities. FSCO files quarterly reports on its spending. The Office of the Auditor General of Ontario audits FSCO’s annual financial statements.

Fiscal and Human Resources

In 2015-16, FSCO’s expenditures totaled $94.2 million, up $700,000 or 0.7 percent, from the previous year.


More information on FSCO’s 2015-16 expenditures can be found in the financial statements and notes later in this report.


On March 31, 2016, FSCO had 435 full-time staff. This total does not include legal services staff who are employees of the Ministry of the Attorney General.

Recovering FSCO’s Costs

Most of FSCO’s costs are recovered from the regulated sectors through a combination of assessments and fees. Under the FSCO Act, the Lieutenant Governor in Council may assess all businesses, individuals and pension plans that form part of a regulated sector with respect to expenditures incurred by the Ministry of Finance, the Commission and the FST. The Minister of Finance is authorized to establish fees with respect to the regulated services provided by FSCO. The Minister of Finance is authorized to establish fees with respect to the regulated services provided by FSCO. The Minister of Finance is authorized to establish fees with respect to the regulated services provided by FSCO. The Minister of Finance is authorized to establish fees with respect to the regulated services provided by FSCO.


The government supports co-operative corporations by providing an allocation of $500,000 to help cover the costs of administering the sector.


Executive Overview


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Description of the Executive Committee chart image. [New Window]