Mr. Speaker, I would like to begin with a quotation from Mr. Hollande, the French socialist party candidate for the upcoming presidential election in France. He said:
...my real adversary has no name, no face, no party. It will never run for office...and yet it governs...it is the world of finance...
That is certainly the case in France, as it is in Canada, when we look at what the Conservative government is doing. That is exactly it. The government decided that the financial sector is the key to the economic future of Canadian retirees. It wants to keep the financial sector happy instead of meeting the economic needs of future retirees.
Often, the less the Minister of Industry says, the better, but unfortunately, he said:
PRPPs will offer Canadians an innovative new, privately administered, low-cost and accessible pension vehicle to help them meet their objectives.
That is what he is offering future retirees, but none of it is true. There is nothing new about the plan. A similar program has been in place in Australia for 12 years, during which time Australians have had enough quantifiable experience to say that it is a failure. It does not work. It is not producing the outcome they expected.
“Privately administered, low-cost and accessible.” That is the problem. This plan is so private that there are no limits set by regulations. The bill is not supported by any regulations.