US - Ohio attorney general, Marc Dann, has attacked the Bush administration for failing to protect pension fund investors against consumer fraud.
Dann, who last month attacked credit rating agencies for misleading investors over investment risk, has widened his criticism to include all parties, including the federal government, involved in transactions.
He told Global Pensions: "In six years, the Bush administration has essentially decommissioned our 100-year tradition of non-partisan business regulation and the Securities Exchange Commission (SEC) is much more interested in municipal bonds than the outright fraud that is going on in front of them."
Dann referred to the Stoneridge case, now in the Supreme Court, where George W Bush himself advocated that individual shareholders' right to sue be given over to the SEC to prevent large numbers of cases being brought.
Initially, the SEC had taken the opposite position, but was made to change its stance, according to the attorney general's office.
Dann continued: "The biggest problem for investors now is that with the large sums of money they're dealing with, if something goes wrong, they need to know there's some way of holding the people who have done them over responsible.
"The Bush administration wants to take that away."
In representing the state which collectively holds the country's third largest pension funds, the attorney general said it was of paramount importance there were tools available to enable investors to protect themselves.
Dann confirmed he was still pursuing investigations into credit rating agencies, pointing out they had started to re-rate mortgage bonds following the sub-prime crisis.
He commented: "The system is ripe for fraud. Although these agencies have started to talk about a new code of conduct, they have not done enough to give me a level of comfort."
Despite repeated requests, the White House did not issue a comment.
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.