Wealthsimple informed in their FAQ that the investments of account holders are insured by CIPF. As per CIPF, only the account holders of member firms are insured. Wealthsimple is not listed as a member of CIPF. Is there any other way investments of account holders can be insured by CIPF?
Add a comment
|
1 Answer
Are the investments of account holders of wealthsimple insured by CIPF?
Yes, they are through their brokerage partner BBS Securities Inc. At the bottom of their site the have the following statement:
Wealthsimple Financial Inc. is registered as a Portfolio Manager in Ontario, British Columbia, Alberta, Manitoba, Quebec, Saskatchewan, Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island, the Northwest Territories, Nunavut, and Yukon. Securities in your account are protected up to $1,000,000 CDN through our brokerage partner, BBS Securities Inc.
And if you check the list you mentioned, BBS Securities Inc. is indeed on there.
