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Excess SIPC

The Investment Center, Inc. and Pershing LLC are members of the Securities Investor Protection Corporation (SIPC)

The Investment Center, Inc. and our clearing firm (Pershing LLC) are members of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at sipc.org.

 

Excess of SIPC Coverage Through Underwriters at Lloyd’s and Other Commercial Insurers

In addition to SIPC protection, Pershing provides coverage in excess of SIPC limits from certain underwriters in Lloyd’s insurance market and other commercial insurers. The excess of SIPC coverage is valid through February 10, 2017 for Pershing LLC accounts. It provides the following protection for Pershing LLC’s global client assets:

  • An aggregate loss limit of $1 billion for eligible securities—over all client accounts
  • A per-client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion

 

SIPC and the excess of SIPC coverage do not protect against loss due to market fluctuation.  An excess of SIPC claim would only arise if Pershing failed financially and client assets for covered accounts—as defined by SIPC—cannot be located due to theft, misplacement, destruction, burglary, robbery, embezzlement, abstraction, failure to obtain or maintain possession or control of client securities, or to maintain the special reserve bank account required by applicable rules. Lloyd’s currently holds an A+ rating from Standard & Poor’s® (S&P®), an A rating from A.M. Best and an AA- rating from Fitch. These ratings are based on the financial strength of the company and are subject to change by the rating agencies at any time (rating as of June 2016). For more information about Lloyd’s, please see lloyds.com.

 

UNDERSTANDING THE PROTECTION OF CLIENT ASSETS

 

Useful Information:

Lloyd's of London
Pershing's Statement of Financial Condition
Securities Investor Protection Corporation (SIPC)
BNY Mellon Financial Result

 
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