CANADA - The Common Front for Retirement Security (CFRS) has recruited 14 organisations to fight for better governance of pensions, investments and savings.
It comes after CFRS cited figures from the Small Investor Protection Association, stating Canadians lose C$18bn per year in fraud and excessive fees, calling it “white-collar crime”.
A CFRS spokesman said: “It is imperative that resident and foreign investors have confidence in the system – and pension plans need insolvency protection.”
According to CFRS, around 40% of Canadian workers are not enrolled in employment related pension schemes. It suggested a national contributory pension plan could be a lifeline for these people.
The alliance has over two million members who have thrown their support behind transparency and streamlining within the finance industry.
It concluded: “It is time to put aside petty jurisdictional squabbling and get on with reforms. Canada needs a central agency with sufficient enforcement teeth to protect pension fund investments within the framework of a system that is efficient, effective and competitive.”
This week's edition of Professional Pensions is out now
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