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Bank Deposit Sweep Program (BDSP®)
National Financials Bank Deposit Sweep Program (BDSP®”) is increasing its FDIC coverage, up to $2.5 million per customer, through the addition of a new bank in our Program Bank List, effective November 1, 2010. For your convenience, NFS posts the bank list at http://www.mybrokerageinfo.com/banklist
Please review the list to ensure that you do not CD’s or other bank sweep products that would cause you to exceed the FDIC coverage available under the program. Should you require additional information, please consult with your Financial Advisor.
Click here for the BDSP Disclosure Document.
FINRA
If a Brokerage Firm Closes Its Doors
Click here to read this Investor Alert from FINRA.
SEC Rule 11Ac1-6
The U.S. Securities and Exchange Commission (“SEC”) adopted Rule 11Ac1-6 requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders”. Below please find our firms four latest quarters.
Click here to view the Order Routing Procedures.
Customer Complaints
Should you experience any type of problem regarding your account, please feel free to contact us in writing or by telephone as shown below.
Via telephone:
212-602-0640 - Ask for the Compliance Department
In writing:
Compliance Department
Bishop, Rosen & Co., Inc.
100 Broadway
New York, NY 10005
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SIPC
Asset Protection
Securities in accounts carried by National Financial Services LLC (“NFS”), a Fidelity Investments
company, are protected in accordance with the Securities Investor Protection Corporation (“SIPC”)
up to $500,000. The $500,000 total amount of SIPC protection is inclusive of up to $250,000 protection for
claims for cash, subject to periodic adjustments for inflation in accordance with terms of the SIPC statute
and approval by SIPC’s Board of Directors. NFS also has arranged for coverage above these limits.
Neither coverage protects against a decline in the market value of securities, nor does either coverage
extend to certain securities that are considered ineligible for coverage. For more details on SIPC, or
to request an SIPC brochure, visit www.sipc.org or call 202.371.8300.
“Excess of SIPC” Coverage
In addition to SIPC protection, NFS provides for brokerage accounts additional “excess of SIPC”
coverage from Lloyd’s of London together with other insurers.1
The “excess of
SIPC” coverage would only be used when SIPC coverage is exhausted. Like SIPC protection,
“excess of SIPC” protection does not cover investment losses in customer accounts due
to market fluctuation. It also does not cover other claims for losses incurred while broker-dealers
remain in business. Total aggregate “excess of SIPC” coverage available through NFS’s
“excess of SIPC” policy is $1 billion. Within NFS’s "excess of SIPC" coverage,
there is no per account dollar limit on coverage of securities, but there is a per account limit of
$1.9 million on coverage of cash. This is the maximum “excess of SIPC” protection currently
available in the brokerage industry.
Lloyd's of London currently has an A (Excellent) rating
with "Stable Outlook" from ratings firm A.M. Best and an A+ (Strong) with "Stable Outlook" from Fitch
Ratings and Standard & Poor's.2
1 Fidelity's "excess of SIPC" insurance is provided by
Lloyd's of London together with Axis Specialty Europe Ltd. and Munich Reinsurance Co.
2 As of January 2011 and subject to change. For ratings explanations, please go to www.lloyds.com/Lloyds_Market/Ratings/.
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