Client Account Protection

 

How Is Your Account at PI Financial Protected?

Securities held at PI Financial 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.

Investment Dealer bankruptcy doesn't happen very often. In the unlikely event it does happen PI Financial provides its clients with two levels of account protection, which, up to certain limits, covers potential losses of securities and or cash as a result of insolvency.

This page explains the features of the industry standard Canadian Investor Protection Fund (CIPF) and also PIs Extra Client Account Protection.

The Canadian Investor Protection Fund (CIPF)

The Canadian Investor Protection Fund is sponsored by, the Investment Dealers Association of Canada, the Montreal Exchange and the TSX Group of Companies. PI Financial is a member of, or, a participating organization with these Sponsors.

The CIPF provides coverage to a maximum of $1,000,000 in cash and securities per eligible customer. 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).

PI Financial Extra Account Protection

The strong capital base of PI Financial warrants confidence in the firms ability to continue to operate as a leader in the Canadian financial services industry.

To complement this stability, and the coverage afforded by the CIPF, PI Financial is pleased to provide an additional level of account protection for our clients. PI Financial'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 eligible customer. The aggregate firm limit is $35 million.

Types of Accounts Covered

Individual clients may have more than one type of account with PI Financial, each of which, for coverage purposes, will be combined to form a General Account or a type of Separate Account. A client's General Account and each Separate Account are eligible for both the CIPF and the Extra Client Account Protection. For example, a clients options account, cash account, margin account, margin short account, interest in a joint account and interest in a personal holding company account would be combined into a General Account for coverage, and the clients RRSP and LRIF would be combined into a Registered Retirement Plan Separate Account for coverage.

A full list of Separate Accounts can be found on the CIPF website – www.cipf.ca. The most common Separate Account categories include:

  • Registered Retirement Plans (RRSP's, RRIF's, LIF's, LRIF's)
  • Registered Education Savings Plans
  • Unincorporated Associations or Organizations
  • Testamentary Trust
  • Inter-vivos Trusts and Trust Imposed By Laws

We are pleased to provide our clients with the protection of the CIPF and our Extra Client Account Protection, 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 by contacting them at:

Canadian Investor Protection Fund

P.O. BOX 192
200 Bay Street
Toronto, Canada M5J 2J4
Telephone: (416) 866-8366
Fax: (416) 360-8441