One-Stop Source of Information Helps Public Identify Compensation Plans for Savings, Investments and Insurance Policies

TORONTO, Dec. 1, 2004 – Six of Canada’s financial services insolvency compensation plans announced today they have joined together to launch a new web portal to help consumers identify the appropriate compensation plan for their savings, investments and insurance policies. The address for the new website is www.financeprotection.ca.

Given the diversity of Canada’s robust financial services industry, a number of insolvency compensation plans exist to protect consumers in the unlikely event of a financial institution’s failure. We recognized the need to simplify how consumers find information about financial services insolvency protection by providing a one-stop location where consumers can determine which financial products and services are covered, which plan protects them and the extent of the coverage.

This consumer-oriented initiative provides a simple way for consumers to find out more about how they are protected. Based on where a financial product is purchased, the portal allows consumers to search for the relevant compensation plan by industry segment, company and product category. Visitors to the site are then directed to the website of the appropriate compensation plan for more detailed information.

The six participating plans:

  • The Canada Deposit Insurance Corporation (CDIC) is a federal Crown Corporation established to provide deposit insurance against the loss, in whole or in part, of deposits with member institutions (banks, trust companies and loan companies) in the event of their failure.

  • The Canadian Investor Protection Fund (CIPF) ensures, within defined limits, that your cash and securities are protected if you are an eligible customer of an investment dealer that is a member of one of CIPF’s sponsoring organizations.

  • CompCorp is a not for profit corporation, funded by the life and health insurance industry, that protects Canadian policyholders against loss of benefits due to the financial failure of a member company.

  • The Property and Casualty Insurance Compensation Corporation (PACICC) is an industry-funded, non-profit corporation, which responds to claims of policyholders under most policies issued by property and casualty insurers in the unlikely event of a company failure.

  • The Deposit Insurance Corporation of Ontario (DICO) is a Provincial Agency providing deposit insurance protection for members of Ontario Credit Unions and caisses populaires.

  • The Autorit� des march�s financiers (AMF) is the regulatory and oversight body for Qu�bec’s financial sector. Its mission includes providing assistance to consumers of financial products and services and ensuring the implementation of programs to protect and compensate consumers.