Government Failing to Protect Financial

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Government Failing to Protect Financial Interest of Seniors: O’Driscoll
O’Driscoll expressed frustration over the Furey government’s failure to protect seniors in this province.
Friday, June 25, 2021

(June 25, 2021) – Loyola O’Driscoll, PC MHA for Ferryland and PC Opposition Critic for Digital Government and Service NL, expressed frustration over the Furey government’s failure to protect seniors in this province.

O’Driscoll was responding to CBC’s recent coverage of the six elderly clients who are alleged to have lost their life savings at the hands of an investment advisor.

Newfoundland and Labrador is the only province in Canada that does not give the regulator any power to enforce penalties. Powers that the Investment Industry Regulatory Organization of Canada has been requesting for years.

“Ministers have been consulting for years, yet every other province and territory has taken action. Another session of the legislature closed this week and the Minister failed to bring forward legislation that would protect seniors in the province,” said O’Driscoll.

“This is completely unacceptable.”

He also noted that this government has been aware of the issue for years, but has failed to take any action to financially protect seniors in this province. O’Driscoll raised this issue during question period in the session that just concluded.

“How many more elderly residents are going to lose their life savings before the government takes action? I am at a loss to understand why the Minister continues to sit idly by and give vague excuses. Our Caucus would have continued to sit in the legislature this week to pass the legislation. This government’s failure to act is mind-boggling and inexcusable,” added O’Driscoll.

 

Contacts:

David Maher

Director of Strategic Communications

(cell) 709-725-0984

DavidMaher@gov.nl.ca

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