8 - Friday, January 29, 198A. —. Dear Editor: The recent letter from Wiz. David Gowmon cegarding the Principal Group collapse was in- teresting but unfortunately did not answer the question ‘‘why?"’ Onc must bear in mind that the Principal Group investors were not “fast. buck artists." They were older (over 50 per cent were above age 60) conservative savers. They were looking for a secure place for their pension investments and RRSPs at a competitive rate of return. North Store News Mar.Box Financial regulations need bite Principal rates were usually onc half to one per cent higher than the banks and comparable to other (rust companies and credit unions. Had Principal investors wanted to speculate they could have taken a fast ride on the stock market or dabbled in mutual funds. Both the B.C. inquiry by Lyman Robertsca and the Alberta inquiry by William Code have shown that the investors wore the victims of misrepresentation. They were assured both orally and in printed More pressure on U.K. government stressed Dear Editor: in 1987 you played a major role .in informing British pensioners residing in Canada that they could be entitled to a better pension from the United Kingdom. You also assisted in spreading the word regarding an Early Day Motion put to. the British House of Commons urging them to ap- prove the uprating and indcxing of our pensions. The fact that many pensioners residing in Canada still do not know of the possibility that they might qualify for some pension is very obvious to us, Daily we hear of folk who huve lived in Canada for many ycars, who could be get- ting a pension from Britain but are unaware of nor do they know how to go about it. More important still there are thousands who are in their 50s, think retirement a thing of the future and do not know that now is the time to be laying the founda- tion for a pension, one thal most have already paid into and by fur- ther subscriptions cun ensure an increase of income when they will most need it. The Early Day Motion referred to was made null and: void by elec- tions this past summer but another motion urging Her Majesty’s gov- ernment to uprate and index the pensions for those residing in Canada has been tabled aad it is now up to us to write, write, write. To this end we once again sock your assistance in relaying our message to British pensioners, tc- day's and tomorrow's, that they should contact us for assistance in determining their pension FEATURED EMPLOYEE Tracy Sangster F Parts Department . § Tracy started with us as a trainee in § the parts department from January j f until June while she was attending a job entry programme at North § # Shore Continuing Education. She § joined the company full time in June f 4 and currently takes care of our parts § department. Tracy is artisticalty in- § clined and regularly displays her § ; work é various ough nore craft J . fairs. She has one ler, Lindsay. § and they reside here in North Van- § couver. Give her a cail for your ap- pllance parts needs. ‘ l “Under the Green Awning 985-9541 possibilities plus information on how to po about applying pressure in the United Kingdom where it will do the mast pood. Roa Dati, British Peasiowers Association (Canada), P.O. Bax 5784, Station B, Victoria, B.C., VBR 655 brochures that ‘‘asscts equal to 100 per cent of certificate liabilities must be maintained on deposit with a Canadian chartered bank.” {Cis not just a case of risk versus return. It is rather a case of risk and more risk, more risk than is necessary. In asking the question “Why did this happen?" one is confronted by the lack of cn- forcement of existing institutions to protect the public. Principal investigators are revealing more unsavory details almost daily. It appears that had government regulators acted proraptly the loss to Principal in- vestors would likely have been much less. ht is time for both the gov- ernments and the financial establishments to develop effective regulations and to ensure that such regulations are rigocously enforc- ed. Only then can they hope to regain public confidence: in our fi- nancial institutions. K.E. 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