Update on Pension Reform and Securities Regulation

There is a growing chorus of voices focusing on the impact that the current economic crisis is having on people today not just macro-economic imperatives. The Quebec government just announced that it would protect pension plan members in the event of bankruptcy.

CARP has asked that any pension reform contain such protections and will say so again in response to the federal call for consultations on pension reform. Three major provincial reports have already been issued on pension reform saying much the same things but the federal government is asking the same questions again. They will not get different answers.

CARP has called for a Pension Summit to reform the pension system to better protect plan members. It’s time to get on the file and make sure that this time, those most affected have a seat at the table.

The just released report of the Expert Panel on Securities Regulation not only supported the creation of a National Securities Regulator, but also recommends investor protection measures, such as an Independent Adjudicative Tribunal, improving investor complaint handling and redress mechanisms and giving a stronger voice to investors.

CARP strongly recommended a focus on investor protection in its submission to the Expert Panel and called specifically for an independent Adjudicator as well as a National Securities Enforcement Agency with a mandate to support investors as well providing the necessary expertise to prosecute offenders and order redress. CARP recommended that such an enforcement agency be established regardless of whether the government was able to overcome the federal-provincial wrangling that might prevent the establishment of a National Securities Regulator.

The panel’s recommendations mark a major advance in investor protection in Canada and are particularly welcome at a time of market chaos that has robbed so many older Canadians of their retirement security. A National Securities Regulator which helps to streamline and improve transparency in the industry will also enhance investor protection but instead of obsessing on getting all the provinces to sign up, the Finance Minister should move on the investor protection aspects of the report.

If you decide to contact your MP and MPP as well as the Finance Ministers, remember that you can use CARP’s e-voice

Ministers of Finance

Jim Flaherty
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Iris Evans
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Colin Hansen
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Greg Selinger
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Victor Boudreau
Victor.Boudreau [email protected]

JeromeKennedy
[email protected]

Michael Baker
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J. Michael Miltenberger
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Keith Peterson
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Dwight Duncan
[email protected]