Client Account Protection
How Is Your Account at PI Financial Corp Protected?
PI provides its clients with two levels of account protection, which, up to certain limits, covers potential losses of securities and/or cash.
This page explains the features of the industry standard Canadian Investor Protection Fund (CIPF) and also PI's Extra Client Account Protection.
With our Extra Client Account Protection, each PI client account is covered for a total of up to $6,500,000. There is no cost to our clients for either CIPF or Extra Client Account Protection.
The Canadian Investor Protection Fund (CIPF)
The Canadian Investor Protection Fund was established by, and is supported and financed by the Canadian securities industry self-regulatory organizations (SROs) - the Investment Dealers Association of Canada, the Montreal Exchange, the Toronto Stock Exchange and the TSX Venture Exchange. PI is a member of each of these SROs.
The CIPF provides coverage to a maximum of $1,000,000 in cash and securities per account. Your Investment Advisor will be pleased to provide further details of the CIPF coverage. Details of the CIPF coverage are also available on the CIPF website (http://www.cipf.ca).
Securities held at PI are protected at all times from insurable risks such as fire, theft and fraud. All employees who handle securities are bonded. In addition, all security positions are audited annually by independent auditors on behalf of the regulatory authorities.
The strong capital base of PI warrants confidence in the firm's ability to continue to operate as a leader in the Canadian financial services industry.
To complement this stability, PI is pleased to provide a high level of account protection to our clients.
In the unlikely even of the insolvency of PI, clients now have additional assurance of recovery up to the amounts indicated from both the CIPF coverage and the Extra Client Account Protection arranged by PI.
PI Extra Client Account Protection
PI's Extra Client Account Protection provides additional coverage, above and beyond the CIPF coverage of up to $5,500,000 for securities only, for each client account. The aggregate firm limit is $35 million.
Types of Accounts Covered
Individual clients may have various types of accounts with PI, each of which is covered separately by both the CIPF and the Extra Client Account Protection. General accounts, including accounts in the names of the client such as options, cash, margin and margin short accounts, are combined and treated as one account for purposes of the coverage.
Accounts separately covered include:
- Registered Retirement Savings Plan (RRSP) accounts;
- Registered Retirement Income Fund accounts;
- Joint Accounts (owned jointly where each owner has the ability to authorize transactions for the entire account);
- Personal Holding Corporations' accounts;
- Trust accounts.
We are pleased to provide our clients with this additional benefit, another indication of our commitment to you. If you need further information or have any questions, please contact your investment advisor. For additional information about the CIPF, you may visit their website at http://www.cipf.ca or their mailing address is:
Canadian Investor Protection Fund
P.O. BOX 192200 Bay Street
Toronto, Canada M5J 2J4
Telephone: (416) 866-8366
Fax: (416) 360-8441