Industry news

Changes to deposit insurance affecting brokers acting in client name

Industry news

OTTAWA – February 6, 2020 – CDIC has launched a new video to explain changes to the deposit insurance framework and their impact on brokers acting in client name. Changes come into force in two different phases: the first in April 2020 and the second in April 2021.

For additional information about changes to deposit insurance, please visit the Financial Community section of the CDIC website.

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CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $800 billion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

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For further information:

Brad Evenson
Director, Communications and Public Affairs
Tel: 613.943.4395
E-mail: media@cdic.ca

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