TORONTO ON: October 6, 2008: On the eve of the promised release of the Conservative Party platform, advocates for retirees are calling for real answers to the market turmoil that is eroding pension funds and retirement savings.
Dan Braniff, Founder, Common Front for Retirement Security, [CFRS] and Chair of the Georgian Bay Chapter of CARP is appalled: “Manufactured by powerful Wall Street pirates, the current financial crisis points to the gross inadequacies of market regulation. Even free-market advocate and current presidential hopeful, John McCain is calling for regulatory legislation and stricter scrutiny of financial institutions”, said Braniff.
“Canadian politicians can’t seem to think outside of the box or beyond the current financial storm. Prime ministerial hopefuls wring their hands accusing each other of having no plan. Meanwhile, voters are desperately asking, “Who can best shelter our savings and pensions from the next manmade economic tsunami?” added Braniff.
“Canada needs a central agency equipped with the skills and recourses to ferret out these market pirates, at home and abroad. We need to create laws that are enforceable to deter unscrupulous brigands who prey on our sensitive economy.” added Braniff.
“The call for comprehensive investor protection is not new but so far goes unheeded by the politicians. Surely, when market chaos strikes right in the middle of the election campaign, the party leaders will finally tell us what they will do to prevent this kind of thing in the future and to provide some real protection over the long run for people who are relying on their pensions and retirement savings. We have even spelled out what can be done” said Susan Eng, Vice President, Advocacy of CARP.
Duane Frerichs, spokesman, Air Canada Pionairs pleads with politicians to update the Canada Pension Act, “Pension funds desperately need a contingency buffer as a cushion against chaotic market fluctuations. Solvency shortfalls should rank above other creditors in bankruptcy.”
In their briefs to the federal Expert Panel for Securities Regulation, CARP, the Canadian Coalition for Good Governance [CCGG], the Small Investor Protection Association, the Air Canada Pionaires, the Common Front for Retirement Security and others call for a specialized expert agency equipped with forensic accountants, prosecutors and enforcers to track down and prosecute white-collar criminals and others who manipulate the system.
CARP has recommended the creation of a specialized investor protection agency with powers of investigation and enforcement as well as the authority to order redress for losses suffered especially by smaller retail investors. A copy of CARP’s submission to the federal Expert Panel on Securities Regulation may be found at: Here
The call for a specialized enforcement agency was echoed in a submission by the Canadian Coalition for Good Governance to the Expert Panel Click here
Voters deserve a clear proclamation. “What will you and your party do to equip Canadians with the economic stability and security needed in the twenty-first century?”
Show us a comprehensive plan that makes you worthy of our vote!
For further information, please contact:
Dan Braniff, Founder, Common Front for Retirement Security, [CFRS]
and Chair of the Georgian Bay Chapter of CARP