One often hears Westpoint Investors were greedy and deserved what they got. Such statements are far from the truth. The real story beggars belief. It involves planners who broke the law, a bank that never was, a regulator that refuses to admit it was out of its depth, and a Coalition Government thatt did everything in its power to suppress the truth, and a Labor Government that promised an open inquiry into the Australian Financial system and now does everything in its power to avoid its promise. .

It is very important to realise ASIC had many opportunities to intervene in the Westpoint matter, but chose not to - in spite of the volume of available evidence. Of even greater importance is their failure to disclose information to the investing public. In choosing this course of action they denied investors of making informed investment decisions.

The above is even more appalling when one knows the natue of the Westpoint sales target population. The majority of investors were reirees/near retirees with a large retirement nest egg meant to last their remaining years. None of us were particularly greedy. Quite the opposite. We came on the scene when the large organisations specialising in Superannuation investment were providing heavy negative returns - despite their high profiles and costly offices.

Many investors, knowing they knew nothing of financial matters, went to planners who they believed were ASIC licenced. Many did their own research as I did (see Why I Invested). Others thought they were dealing with ASIC licenced planners. The rest just took their planners word for the safety of the product.

The effect the collapse has had on the lives of investors is a national tragedy A large portion of investors, having lost their life savings, now exist on the pension. Some have taken their own lives. The loss of homes used as colateral among Westpoint investors is rife, as are marriage breakdowns. The stress of the loss of life savings has brought illness and emotional trauma to mosty, and all now live with varying degrees of depression. The treatment John Howard's Government has handed out to Westpoint investors was callous, and borders on the criminal. The current Government promised an open inquiry into the Australian Financial sytem - and ASIC in particular. To-date, they have ignored that promise.

Westpoint investors may have documented the events better than investors in other failed groups. However, the cause and financial loss follows the same pattern. It is no way to treat a group of older Australians, who have saved a lifetime for their retirement, only to be robbed of financial security in their later years.

THE NEED FOR A ROYAL_COMMISSION INTO ASIC AND THE FINCANCIAL INDUSTRY IS LONG OVERDUE. There is more than sufficient available evidence in the public domain to demand it.