Mr. Speaker, Canadians are being gouged. They are paying as much as $25 billion in annual fees to the private sector managers of RRSPs. Fees on mutual funds can eat up 35% of an RRSP over its lifetime. The CPP management costs are a tenth of those of the private sector. This deal is great for the captains of finance, but it is a bad deal for Canadians who are trying to save for their retirement.
Which financial sector lobbyist got to the government to convince it that banks and fund managers needed help more than Canadians who are trying to save?