Annual Report 2016-2017

​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 to protect the interests of consumers and pension plan beneficiaries and support a strong financial services industry.



To provide regulatory services that protect the public interest and
enhance public confidence in the regulated sectors.



To be an effective regulatory supervisor that protects the public interest
in the financial services marketplace.



The Commission: meets quarterly and provides oversight, including the review and approval of key FSCO planning, strategic and accountability documents.


The Superintendent of Financial Services: administers and enforces the FSCO Act and all other acts that confer powers or assign duties to the Superintendent.


The Financial Services Tribunal (FST): acts as an expert, independent adjudicative body. The Chair and Vice-Chairs of the FST are also the Chair and Vice-Chairs of the Commission.


FSCO’s regulatory framework describes what we do, how we do it and why. It outlines how FSCO fulfills its legislative mandate by achieving regulatory outcomes, our core regulatory activities, and the principles we follow when conducting regulatory activities.


Our role is to provide balanced and transparent regulation to help ensure consumers are treated fairly, pension plans are effectively managed on behalf of beneficiaries, and financial products and services satisfy the needs of the public.


FSCO’s regulatory framework summarizes what it expects from the businesses and individuals it licenses and registers, stakeholders, consumers, and pension plan members – and what they can expect from FSCO in the regulatory process.


Every year, FSCO develops strategic priorities based on a larger strategic plan for the agency. They provide a snapshot of FSCO’s objectives for the year, and are offered for consultation with the public and industry stakeholders. In 2016-17, FSCO focused its efforts on core activities and initiatives in eight priority areas: 


  1. Ensure financial services industry compliance with laws and regulations
  2. Create common and integrated processes enabled by integrated technology solutions
  3. Be an agile and adaptable organization
  4. Meet or exceed internal performance standards
  5. Influence the development of provincial, national, and international regulatory policy
  6. Enhance the collection, use, and sharing of market intelligence
  7. Raise awareness of FSCO's actions in the financial services marketplace
  8. Provide adequate disclosure of information to enable informed decisions by consumers and pension plan members


Name Position Tenure *
Florence A. HoldenChair (Acting)August 8, 2014September 5, 2017
Denis BoivinVice Chair (Acting) December 1, 2014 July 22, 2020
Ian McSweeneyVice Chair (Acting) March 11, 2015 May 10, 2020
Brian Mills CEO and Superintendent of Financial Services October 18, 2014N/A

*In current role


FSCO recovers most of its costs from the sectors it regulates, 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 related 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.


As a 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.


In 2016-17, FSCO’s expenditures totaled $80.3 million, down $13.9 million or 14.8 per cent from the previous year. More information about FSCO’s expenditures can be found in the financial statements and notes later in this report.


FSCO’s Performance Standards measure its performance against an established set of targets, and outline strategies to improve results when those targets are not met. This information is reported annually on FSCO’s website.


  • 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


As of March 31, 2017:


  • 319 insurance companies
  • 7,022 pension plans
  • 99 credit unions and caisses populaires
  • 51 loan and trust corporations
  • 1,205 mortgage brokerages
  • 2,732 mortgage brokers
  • 11,802 mortgage agents
  • 180 mortgage administrators
  • 4,607 accident benefit service providers
  • 1,764 co-operative corporations
  • 53,615 insurance agents
  • 5,789 corporate insurance agencies
  • 1,672 insurance adjusters


Our Leadership

Description of the Our Leadership image. [New Window]


FSCO's staff all report directly or indirectly to the Superintendent of Financial Services, who is also FSCO's CEO. On March 31, 2017, FSCO had 380 full-time staff. This total does not include legal services staff, who are employees of the Ministry of the Attorney General.  


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