Nick Le Pan, Superintendent of Financial Institutions, has released a letter to Canadian Alliance finance critic, Monte Solberg, addressing criticism of OSFI’s handling of the windup of the Voyageur Colonial pension plan.

It seeks to answer comments made by Solberg in a letter and in the media. Alliance members also brought the issue up in question period last Friday, alleging that former finance minister, Paul Martin, intervened improperly in the case and calling for an independent review of the plan’s collapse.

“I have recently reviewed the key documents and chronology of the file and spoken with relevant OSFI officials involved. I believe that a number of points in your letter are based on erroneous facts or misconceptions,” Le Pan says.

The OSFI letter attempts to dispel the suggestion that there was anything improper about a representative from the Secretary of State’s office sitting in on a meeting about terminating the plan; and, that the OSFI-commissioned audit report on the Voyageur plan was inappropriately influenced by the plan’s trustees and OSFI.

“It is common practice for auditors to submit a draft of their report to those groups that have provided input to reduce the chance of errors or omissions in the final report,” Le Pan says.

Le Pan says that OSFI concluded, after consultation with Justice Canada, that there were no grounds for legal action, and no evidence of fraud or other criminal activity at the plan.

“In light of the above, and the information already provided, I remain of the view that there is no new information that would lead me to initiate a further independent audit or review as you request,” Le Pan concludes.

http://www.osfi-bsif.gc.ca/eng/issues/solberg_e.pdf