TORONTO, Oct. 6 /CNW/ - 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
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:
The call for a specialized enforcement agency was echoed in a submission
by the Canadian Coalition for Good Governance to the Expert Panel
Voters deserve a clear proclamation. "What will you and your party do to
equip Canadians with the economic stability and security needed in the
Show us a comprehensive plan that makes you worthy of our vote!
For further information:
For further information: Dan Braniff, Founder, Common Front for
Retirement Security (CFRS), and Chair of the Georgian Bay Chapter of CARP,
(519) 363-2552; Michelle Taylor, Communications Coordinator for Susan Eng,
Vice President Advocacy, CARP, A New Vision of Aging for Canada, (416)
363-2277 x. 236 or visit our website: www.carp.ca; Duane Frerichs, Spokesman,
Air Canada Pionairs, (905) 877-5809