Canadian Securities Course (CSC) Practice Exam

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What does the MFDA IPC (Mutual Fund Dealers Association Investor Protection Corporation) provide for eligible customers of insolvent MFDA member firms?

  1. Protection for collective accounts up to $1M

  2. Protection for each separate account up to $1M

  3. Protection for unlimited funds

  4. No protection provided

The correct answer is: Protection for each separate account up to $1M

The MFDA IPC provides protection to customers of an insolvent MFDA member firm for individual accounts up to $1 million. This means that if a customer has multiple separate accounts with the same firm, each account would be covered up to $1 million. Option A is incorrect because it only provides protection for collective accounts, which is not the same as individual accounts. Option C is incorrect because there is a limit of $1 million for each separate account. And option D is incorrect because protection is provided, but only for individual accounts up to $1 million.

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