Ultimately the client owns the stock and can change brokers...

Ultimately the client owns the stock and can change brokers through a nomination form or can go back to a direct HIN. It’s a hassle and dealing with registries is always a pain the @&;...

There are example of brokers going bust - BBY in recent times - refer http://mobile.abc.net.au/news/2015-05-19/bby-administration-leaves-brokers-high-and-dry/6481832

In this example it became a disaster for some clients and new legislation and rulings were introduced to avail more client protection. I would not want to be a client in that position though to have to test those new rules.

Here’s another link which covers this part of the saga- https://www.google.ca/amp/s/amp.smh...irmish-to-retrieve-funds-20160322-gnohot.html