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CARP Submission in Response to Finance Canada's 2006 Review of Financial Sector Legislation:
April 25, 2005
The Honourable Ralph Goodale
Minister of Finance
L'Esplanade Laurier, East Tower, 21st Floor
140 O'Connor Street
Ottawa, ON K1A 0G5
Re: Expanded Bank Insurance Retailing
Dear Minister Goodale:
We understand that this year you are reviewing proposed changes to the Bank Act this year. When considering potential changes we would like you to consider the following. It appears to us that Canada's chartered banks are not able to compete fairly with life and health insurance companies that are allowed to offer banking services to their clients, while the banks are not able offer insurance services to theirs.
As our members age, the linkage between banking, insurance, taxation and wealth preservation is ever increasing, and it becomes all the more important that they be able to choose the financial institution and advisor they feel the most comfortable with, not the ones they may be forced to use on account of outdated regulations.
Today, with the financial and wealth management ground ever shifting due to governance and regulatory compliance issues, older Canadians should have the right to choose amongst our most reputable financial institutions, whether they be banks or insurance companies, for integrated service if that is what they choose to do.
CARP, Canada's Association for the Fifty-Plus
27 Queen St. East, Suite 1304
Toronto, Ontario M5C 2M6
Tel: (416) 363-8748 Toll-Free: 1-800-363-9736
Fax: (416) 363-8747