The Financial Services Commission of Ontario (FSCO) was created on July 1, 1998, as an arm's-length agency of the Ministry of Finance. FSCO integrates the operations of the former Ontario Insurance Commission, Pension Commission of Ontario, and Deposit Institutions Division of the Ministry of Finance. FSCO comprises three key parts: the Commission; the Financial Services Tribunal (Tribunal); and the Superintendent and Staff.

As an integrated regulator, FSCO merges Ontario's regulatory activities governing pensions, insurance, loan corporations, trust companies, credit unions, caisses populaires, co-operatives and mortgage brokers into one body. FSCO's mandate is to enhance consumer confidence and public trust in the regulated sectors; and also to make recommendations to the Minister on matters affecting the regulated sectors.

The Commission

The Commission has five members: the Chair, John Solursh, and Vice-Chairs Anne Corbett and Florence A. Holden (acting), who are appointed by the Lieutenant-Governor-in-Council; the Director of Arbitrations, David Draper, responsible for the automobile insurance dispute resolution system; and the Superintendent of Financial Services. The purpose of the commission includes providing regulatory services and making recommendations to the Minister of Finance on matters affecting the regulated sectors.

Financial Services Tribunal

The Financial Services Tribunal is an independent, adjudicative body that hears appeals of regulatory decisions by the Superintendent and reviews proposed orders of the Superintendent. The Tribunal includes a Chair and two Vice-Chairs, who are also the Chair and Vice-Chairs of the Commission, plus up to 12 members with experience and expertise in the regulated sectors. The Tribunal is committed to providing a decision-making process that meets high standards, is accessible and is guided by fair practices and procedures.

The Tribunal has exclusive jurisdiction to exercise the powers conferred under the Financial Services Commission of Ontario Act, 1997 and other Acts that confer powers on or assign duties to the Tribunal. It also has exclusive jurisdiction to determine all questions of fact or law that arise in any proceeding before it. As well, the Tribunal has authority to make rules for the practice and procedure to be observed in a proceeding before it; and to order a party to a proceeding before it to pay the costs of another party or the Tribunal's costs of the proceeding.

Superintendent and Staff

The Superintendent of Financial Services administers and enforces the Financial Services Commission of Ontario Act, 1997 and all other Acts that confer powers on or assign duties to the Superintendent. The Superintendent also exercises the powers and duties conferred upon the Superintendent by these Acts. All FSCO staff report directly or indirectly to the Superintendent. The staff, who are civil servants appointed under the Public Service Act, perform FSCO's day-to-day work.

FSCO Organizational Chart