Clara should seek protection through the Canadian Investor Protection Fund because the firm is a CIRO member and the issue is insolvency of an investment dealer or investment firm with client property potentially missing. CIPF protection is not investment-loss insurance; it does not reimburse normal market declines in mutual funds. It addresses eligible client assets when a member firm becomes insolvent and cannot return property. OSFI supervises federally regulated financial institutions but is not the client compensation fund for this fact pattern. Assuris protects policyholders of member life insurance companies. The former MFDA Investor Protection Corporation has been replaced in the current self-regulatory structure; CIRO-related client asset protection points to CIPF. The planner should explain the difference between product risk, issuer risk, and dealer insolvency. Study Guide focus: regulatory bodies, CIRO, CIPF, client asset protection, and investment dealer insolvency. The client should be directed to the fund's eligibility process and advised that ordinary mutual fund market losses remain outside coverage.

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