In Frank Ainslie’s article ‘ENOUGH IS ENOUGH! IT’S TIME FOR US TO ACT!’ he put forth the proposition that what the consumers in this country now need to reassure themselves is a ‘Government Consumer Protection Insurance Scheme’ that will insulate them from harm if they fall prey to rogue banks and financial advisers.
A government consumer protection insurance (GCPI) scheme offers consumers a security blanket against individuals or institutions in the financial sector that may deal with them inappropriately. In such circumstances, if a GCPI scheme, along the lines proposed were in place, a consumer’s path to compensation would be speedy, cost free and certain. The claimant would not be involved in dealing with the offender or offenders. Rather, this would be taken care of by the government body that extended the consumer protection insurance cover to that consumer. It’s a win-win situation for all consumers insured in this way.
We at Bankvictims have decided to run with this idea because it’s the only solution so far that we believe will put an end to this constant cycle of inappropriate behaviour by certain members of the financial sector that has existed for many years now. It’s unlikely that anything will really change despite the Royal Commissions findings unless we do something about it ourselves.
I, Russell Cousins, together with Frank Ainslie, have already submitted a submission to the Royal Commission with regard to a GCPI scheme for the Commission’s consideration. This submission fully explains the way such a scheme would work and our reasons for believing that such would ensure that the systemic culture of bad behaviour in the financial sector would be eradicated once and for all. A copy of our submission can be downloaded for review at:
We have also submitted a Petition to the House of Representatives (250 words only allowed) which has now been accepted and can be found by clicking on the following link:
IMPORTANT: This Petition will only run for 4 weeks between 15/8/2018 and 12/9/2018. Therefore, we need everyone to get behind this Petition NOW because the clock is already ticking.
Remember that this is not about us, the past victims of a banking and financial system that is out of control and weighed down by corruption. Rather, it is about our children and grandchildren, our friends, acquaintances and fellow Australians who are now or will be dealing with these rogue elements in time to come.
To do nothing simply because you believe it doesn’t concern you, or it’s all too late to help you personally because you are already a victim, is to condemn others to the same risks you unknowingly took. That is unforgiveable.
Besides, wouldn’t you like to get back at these unconscionable individuals in our society that put money before compassion? That put self before others. Believe me, this is one way to do it! In fact, it’s the only way to do it!
Change will not occur unless we get everyone on board. It’s now up to you!