Scams ‘out of control’ but no move to force banks to bail out victims
Michael ReadEconomics correspondent
Scams are “out of control”, the competition regulator says, but the government has no plans for force banks to bail out victims.
Outgoing Australian Competition and Consumer Commission (ACCC) deputy chairwoman Delia Rickard said Australians lost more than $1 billion in investment scams in the last year alone.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
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