especially retirement security amid the current market turmoil.
TORONTO, ON: September 29, 2008 : CARP challenges political leaders to detail their plans to protect Canadians’ financial security especially retirement security amid the current market turmoil.
With the defeat of the $700 Billion bail out plan in the US House of Representatives, stock markets crashed around the world including the S&P/TSX in Toronto which sank more than 840 points, or 6.9 per cent.
“Retirees will be the hardest hit because, by definition, they will not have working income to replace their losses. And when the market seems to be in free fall, even those planning for retirement will be very anxious”, said Susan Eng, Vice President, Advocacy of CARP.
“Coming as this does in the middle of a federal election, it is high time that all the political leaders tell us what they plan to do about it. The same demographic that will be the hardest hit is also the group that votes the most regularly”, added Eng.
Canadians 45 and over are the largest and most politically engaged demographic.
There are 14.5 million Canadians 45 years of age or more, including 6.53 million Canadians 60+ and 4.73 million 65+. 70% of this entire group vote regularly and in 2004, they cast 9 million votes, or 64% of all votes cast in that election. 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. To view a copy of CARP’s submission to the federal Expert Panel on Securities Regulation Click here.
“The focus for CARP and the Common Front for Retirement Security is effective investor protection for retail investors and pensioners like most of our members. An independent investor protection agency will help level the playing field for them and help to prevent fiascos like the Asset Backed Commercial Paper debacle by ensuring actual accountability and real consequences for industry players who play fast and loose with Canadians’ retirement savings. Like their American counterparts, small Canadian investors want to know that there are real consequences for malfeasance and avenues for redress”, said Dan Braniff, founder of the Common Front for Retirement Security and chair of the Georgian Bay chapter of CARP.
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 to read the submission
CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada which means social change that will bring financial security, equitable access to health care and freedom from discrimination; ensuring that the marketplace serves the needs and expectations of our generation and providing value-added benefits, products and services to members; and building a sense of community and shared values among our members in support of CARP’s mission.
For further information, please contact:
Vice President Advocacy
CARP, A New Vision of Aging for Canada