Important information regarding Penson Financial Services Canada
January 14, 2013
As previously announced, Penson Canada is in the process of conducting an orderly closure of its business. As of January 11, 2013, approximately 99% of the assets formerly held by Penson Canada for its clients had been transferred to other IIROC-regulated Dealer firms. The remaining account transfers are expected to be completed by the end of January 2013. IIROC staff is monitoring the closure and the orderly transition of Penson Canada’s business to other IIROC-regulated Dealer firms.
On January 11, 2013, Penson Worldwide, Inc. (“PWI”), the indirect shareholder of Penson Canada, filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. PWI’s filing is not expected to have any negative impact on Penson Canada’s small number of remaining clients or accounts. Penson Canada remains a separate legal entity with adequate regulatory capital to support its business operations.
Investors who have any concerns should contact their Introducing Broker or Portfolio Manager for more information regarding their accounts. The contact information for the Introducing Broker or Portfolio Manager will be set out in account statements or other account materials that investors receive from their Introducing Brokers or Portfolio Managers, as applicable.
While an investor’s Introducing Broker or Portfolio Manager should be the primary contact for information regarding their accounts, investors can contact Penson Canada’s Client Relations Department at 1-877-841-1107 or firstname.lastname@example.org for more information.