Senator Nick Xenophon and Last Resort Compensation Scheme

Today at a media conference with Independent Senator for SA Nick Xenophon, Consumer Action Law Centre again called for the establishment of a Last Resort Compensation Scheme to protect people left out-of-pocket from dodgy financial advice and misconduct in the finance sector.

The following comments are attributable to Gerard Brody, CEO of Consumer Action Law Centre:

“People who’ve been exploited shouldn’t be left to pick up the pieces alone. We’re talking about families losing their houses, driven to poverty and facing extreme mental anguish.”

“A compensation scheme will show that the Government and industry don’t want to leave people behind. This is about industry pitching in when people are left out-of-pocket through no fault of their own. When we’re left with the mess of a financial disaster, it’s only fair for the industry to pitch in and make things right for people whose lives have been wrecked.

The banking industry have recently thrown its support behind a compensation scheme. This is important. We’ve all had our faith in the finance sector rocked in the last few years so a compensation scheme will assure us that Government and the industry have our backs.”

Video of the media conference is available here.

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