FAIR Canada Calls on Ontario Government to Strengthen Retirement System
November 2010
Mandating increased fee transparency, duty to act in investors' best interests and CPP expansion among key recommendations
In advance of a December meeting of ministers of finance, FAIR Canada is urging the government of Ontario to implement greater investor protection measures for retail investors in Canada's retirement income system. In its submission to the Ministry of Finance, FAIR Canada supported the introduction of a requirement for financial advisors to act in the best interests of their clients and increased transparency of mutual fund investment fees. FAIR Canada also called on the province to take a stronger stance against investment misinformation that can contribute to depriving millions of investors of their hard earned retirement nest eggs.
"As the mechanisms for retirement planning become increasingly more complex, the need for greater transparency for retail investors has also grown," said Ilana Singer, Deputy Director, FAIR Canada. "Increased transparency in financial reporting and formally aligning the interests of financial advisers and their clients will go a long way to strengthening Ontario's retirement system."
FAIR Canada's submission further called for the expanded breadth of the Canada Pension Plan (CPP) to ensure that all Canadians benefit from an improved pension upon retirement. The national investor rights advocacy organization called for an increase in both the CPP replacement rate and earnings ceiling.
"Ensuring the strength and integrity of our retirement system is in all of our best interests," said Ms. Singer.
