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    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_CommonSharesMember" xlink:label="ffc_CommonSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_CommonSharesMember" xlink:to="ffc_CommonSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_CommonSharesMember_lbl" xml:lang="en-US">Common Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_DebtOutstandingMember" xlink:label="ffc_DebtOutstandingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_DebtOutstandingMember" xlink:to="ffc_DebtOutstandingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_DebtOutstandingMember_lbl" xml:lang="en-US">Debt Outstanding [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_PreferredSharesMember" xlink:label="ffc_PreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_PreferredSharesMember" xlink:to="ffc_PreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_PreferredSharesMember_lbl" xml:lang="en-US">Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_MarketEventsRiskMember" xlink:label="ffc_MarketEventsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_MarketEventsRiskMember" xlink:to="ffc_MarketEventsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_MarketEventsRiskMember_lbl" xml:lang="en-US">Market Events Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember" xlink:label="ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember" xlink:to="ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember_lbl" xml:lang="en-US">Preferred, Contingent Capital and Other Subordinated Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_ContingentCapitalSecuritiesRiskMember" xlink:label="ffc_ContingentCapitalSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ContingentCapitalSecuritiesRiskMember" xlink:to="ffc_ContingentCapitalSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_ContingentCapitalSecuritiesRiskMember_lbl" xml:lang="en-US">Contingent Capital Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_TrustPreferredSecuritiesRiskMember" xlink:label="ffc_TrustPreferredSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_TrustPreferredSecuritiesRiskMember" xlink:to="ffc_TrustPreferredSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_TrustPreferredSecuritiesRiskMember_lbl" xml:lang="en-US">Trust Preferred Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_ConcentrationRiskMember" xlink:label="ffc_ConcentrationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ConcentrationRiskMember" xlink:to="ffc_ConcentrationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_ConcentrationRiskMember_lbl" xml:lang="en-US">Concentration Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_FinancialsSectorRiskMember" xlink:label="ffc_FinancialsSectorRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_FinancialsSectorRiskMember" xlink:to="ffc_FinancialsSectorRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_FinancialsSectorRiskMember_lbl" xml:lang="en-US">Financials Sector Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CreditRiskMember" xlink:label="us-gaap_CreditRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditRiskMember" xlink:to="us-gaap_CreditRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CreditRiskMember_lbl" xml:lang="en-US">Credit Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_HighYieldSecuritiesRiskMember" xlink:label="ffc_HighYieldSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_HighYieldSecuritiesRiskMember" xlink:to="ffc_HighYieldSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_HighYieldSecuritiesRiskMember_lbl" xml:lang="en-US">High Yield Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_CreditAgencyRiskMember" xlink:label="ffc_CreditAgencyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_CreditAgencyRiskMember" xlink:to="ffc_CreditAgencyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_CreditAgencyRiskMember_lbl" xml:lang="en-US">Credit Agency Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_InterestRateAndDurationRiskMember" xlink:label="ffc_InterestRateAndDurationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_InterestRateAndDurationRiskMember" xlink:to="ffc_InterestRateAndDurationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_InterestRateAndDurationRiskMember_lbl" xml:lang="en-US">Interest Rate and Duration Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_LiquidityRiskMember" xlink:label="ffc_LiquidityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_LiquidityRiskMember" xlink:to="ffc_LiquidityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_LiquidityRiskMember_lbl" xml:lang="en-US">Liquidity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_ForeignInvestmentRiskMember" xlink:label="ffc_ForeignInvestmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ForeignInvestmentRiskMember" xlink:to="ffc_ForeignInvestmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_ForeignInvestmentRiskMember_lbl" xml:lang="en-US">Foreign Investment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_ReinvestmentRiskMember" xlink:label="ffc_ReinvestmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ReinvestmentRiskMember" xlink:to="ffc_ReinvestmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_ReinvestmentRiskMember_lbl" xml:lang="en-US">Reinvestment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_SelectionRiskMember" xlink:label="ffc_SelectionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_SelectionRiskMember" xlink:to="ffc_SelectionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_SelectionRiskMember_lbl" xml:lang="en-US">Selection Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_ManagementRiskMember" xlink:label="ffc_ManagementRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ManagementRiskMember" xlink:to="ffc_ManagementRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_ManagementRiskMember_lbl" xml:lang="en-US">Management Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_LeverageRiskMember" xlink:label="ffc_LeverageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_LeverageRiskMember" xlink:to="ffc_LeverageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_LeverageRiskMember_lbl" xml:lang="en-US">Leverage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember" xlink:label="ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember" xlink:to="ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember_lbl" xml:lang="en-US">Risk of Market Price Discount from Net Asset Value [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_ValuationRiskMember" xlink:label="ffc_ValuationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ValuationRiskMember" xlink:to="ffc_ValuationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_ValuationRiskMember_lbl" xml:lang="en-US">Valuation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="ffc-20260531.xsd#ffc_CybersecurityRiskMember" xlink:label="ffc_CybersecurityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_CybersecurityRiskMember" xlink:to="ffc_CybersecurityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ffc_CybersecurityRiskMember_lbl" xml:lang="en-US">Cybersecurity Risk [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_CommonSharesMember" xlink:to="ffc_CommonSharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_CommonSharesMember_doc" xml:lang="en-US">Common shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_DebtOutstandingMember" xlink:to="ffc_DebtOutstandingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_DebtOutstandingMember_doc" xml:lang="en-US">Debt outstanding.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_PreferredSharesMember" xlink:to="ffc_PreferredSharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_PreferredSharesMember_doc" xml:lang="en-US">Preferred shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_FinancialsSectorRiskMember" xlink:to="ffc_FinancialsSectorRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_FinancialsSectorRiskMember_doc" xml:lang="en-US">Financials Sector Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_InterestRateAndDurationRiskMember" xlink:to="ffc_InterestRateAndDurationRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_InterestRateAndDurationRiskMember_doc" xml:lang="en-US">Interest Rate and Duration Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ValuationRiskMember" xlink:to="ffc_ValuationRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_ValuationRiskMember_doc" xml:lang="en-US">Valuation Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_MarketEventsRiskMember" xlink:to="ffc_MarketEventsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_MarketEventsRiskMember_doc" xml:lang="en-US">Market Events Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember" xlink:to="ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_PreferredContingentCapitalAndOtherSubordinatedSecuritiesRiskMember_doc" xml:lang="en-US">Preferred, Contingent Capital and Other Subordinated Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ContingentCapitalSecuritiesRiskMember" xlink:to="ffc_ContingentCapitalSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_ContingentCapitalSecuritiesRiskMember_doc" xml:lang="en-US">Contingent Capital Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_TrustPreferredSecuritiesRiskMember" xlink:to="ffc_TrustPreferredSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_TrustPreferredSecuritiesRiskMember_doc" xml:lang="en-US">Trust Preferred Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ConcentrationRiskMember" xlink:to="ffc_ConcentrationRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_ConcentrationRiskMember_doc" xml:lang="en-US">Concentration Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_HighYieldSecuritiesRiskMember" xlink:to="ffc_HighYieldSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_HighYieldSecuritiesRiskMember_doc" xml:lang="en-US">High Yield Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_CreditAgencyRiskMember" xlink:to="ffc_CreditAgencyRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_CreditAgencyRiskMember_doc" xml:lang="en-US">Credit Agency Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_LiquidityRiskMember" xlink:to="ffc_LiquidityRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_LiquidityRiskMember_doc" xml:lang="en-US">Liquidity Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ForeignInvestmentRiskMember" xlink:to="ffc_ForeignInvestmentRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_ForeignInvestmentRiskMember_doc" xml:lang="en-US">Foreign Investment Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ReinvestmentRiskMember" xlink:to="ffc_ReinvestmentRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_ReinvestmentRiskMember_doc" xml:lang="en-US">Reinvestment Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_SelectionRiskMember" xlink:to="ffc_SelectionRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_SelectionRiskMember_doc" xml:lang="en-US">Selection Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_ManagementRiskMember" xlink:to="ffc_ManagementRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_ManagementRiskMember_doc" xml:lang="en-US">Management Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_LeverageRiskMember" xlink:to="ffc_LeverageRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_LeverageRiskMember_doc" xml:lang="en-US">Leverage Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember" xlink:to="ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ffc_RiskOfMarketPriceDiscountFromNetAssetValueMember_doc" xml:lang="en-US">Risk of Market Price Discount from Net Asset Value.</link:label>
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