18.8.1 EXPAND THE POWERS OF THE FINANCIAL SERVICES REGULATORY AUTHORITY
WHEREAS the Financial Regulatory Authority of Ontario has a legislative mandate to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates; and
WHEREAS this Agency is responsible for good administration of pension plans and to protect and safeguard the pension benefits and rights of pension plan beneficiaries.
THEREFORE BE IT RESOLVED That the National Pensioner’s Federation calls upon the Ontario Government to ensure that the Financial Services Regulatory Authority of Ontario has the following regulatory powers:
- To block or place conditions on company takeovers, bankruptcy and insolvency process that are deemed to put pension plans at risk;
- Ensure that any pension plan is funded at 100% prior to paying any secured creditors;
- Ensure that payment to workers of any termination, severance pay and health benefits owing prior to paying any secured creditors;
- Ensure prevention of companies from stopping the payment of any retirement benefits during any proceedings under bankruptcy and insolvency processes;
- Powers to issue punitive fines on company directors and executives in cases of clear wrongdoing; and
- Ability to claw back directors and executives bonuses after a company pension plan or plans collapse, and
BE IT FURTHER RESOLVED that the N.P.F. develop an action plan to facilitate the above.
Submitted by Unifor Local 222