Six of Canada’s financial services insolvency compensation plans 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 web site is www.financeprotection.ca.
The site provides 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.
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 web site of the appropriate compensation plan for more detailed information.
The six participating plans are:
- The Canada Deposit Insurance Corp.;
- The Canadian Investor Protection Fund;
- CompCorp, funded by the life and health insurance industry;
- The Property and Casualty Insurance Compensation Corp.;
- The Deposit Insurance Corporation of Ontario; and the Autorité des marchés financiers, the regulatory and oversight body for Quebec’s financial sector.