Virtual Brokers is a registered division of BBS Securities Inc. (“BBS”). BBS is a member of the Canadian Investor Protection Fund (CIPF). In the event of insolvency or bankruptcy of a CIPF member, each qualifying client account is entitled to protection of $1,000,000 CDN under CIPF. For additional details please consult www.cipf.ca.
Extended Insurance coverage
BBS Securities Inc. (“BBS”) has secured additional securities insurance for our clients. Each client enjoys an additional $10 million in excess of CIPF coverage allowing a total of $11 million per client, per eligible account. BBS has purchased excess securities insurance through Lloyd’s of London, a London-based firm. The additional coverage is fully protected by the Lloyd’s trust funds and Lloyd’s Central Funds. The additional insurance is subject to a maximum aggregate insurance coverage limit of $25,000,000 applicable to BBS.
Canadian Investor Protection Fund (CIPF)
CIPF was established by the investment industry to protect investors. CIPF's mandate is to ensure, within defined limits, that the cash and securities belonging to eligible customers of Canadian investment dealers are returned to them in the event of the insolvency of a CIPF Member. Claims that are eligible for coverage are normally settled by ensuring that the trustee has sufficient assets to transfer the customer accounts to another Member. A limit has been placed by CIPF on the coverage provided for a customer's General Account, and each Separate Account (described in the CIPF Coverage Policy available on CIPF's website), equal to $1 million CDN for losses of securities, commodity and futures contracts, segregated insurance funds and cash. For more information visit www.cipf.ca.
Lloyd's of London
Lloyd’s of London is the world’s leading insurance market. It was established in 1688 and provides specialist insurance coverage to businesses worldwide. It is regulated by the Financial Services Authority, which oversees all financial institutions in the United Kingdom. Its financial strength is constantly rated by independent rating agencies. At present, Lloyd’s enjoys an A+ rating from both Fitch and Standard & Poor’s and an A rating from A.M. Best (ratings are subject to change and do not remove market risk). These ratings are based on the financial strength of the company and are subject to change by the rating agencies at any time. For more information about Lloyd’s, please visit www.lloyds.com.