Income security is a top concern for our members, next only to matters related to health, so the Canadian Association of Retired Persons has long-advocated for eliminating restrictive rules over retirement investments and is working to see expansion of choice in product offerings from major banks.

 

Canada’s largest banks collectively reduced investment product choice in 2021, despite concerns voiced  by consumer groups, media and authorities from both provincial and federal levels. Nothing has changed since then.

 

The reality is that seniors trust and use banks more than any other group to meet their financial needs, and restricted choice in investment products at bank branches disproportionately impacts our members and seniors.  That is why, we recently issued a press release calling for political parties at all levels to make this issue a priority and restore choice for Canadians and sent a letter to the Competition Bureau asking for their support in our position in continuation with their own ongoing advocacy.

 

We believe there are multiple competition issues at play that not only disadvantage and harm particularly seniors, but also Canadians with relatively lower wealth that bank at branches versus brokerages.

 

Ensuring robust competition in Canada’s financial sector has never been more important. CARP surveyed our members’ views on this issue and over a sizable majority of respondents (62%) agreed that they wish to see the Big Banks better regulated to offer more choice.