If financial journalists knew long ago that Bridgecorp and others were dodgy, why didn’t they tell their readers, listeners or viewers? And why does the media go on accepting money from advertisers who promise high returns to ill-informed savers?

There’s a simple answer - and a simple solution.

Any journalist who knows about a flaky financial firm and wants to tell Mum and Dad is currently stopped in their tracks by their employers, and by the law. Media owners don’t want to annoy an advertiser, and every journalist knows what else could happen. It might end up with heavy libel damages – even when they told the truth, but at the wrong time.

So, don’t blame the journalists (who also know about most politicians’ weaknesses, but don’t say anything until it’s safe - and usually far too late).

Instead, blame Government and Opposition parties, who bear collective responsibility for failing to protect ordinary New Zealanders from investment failures that have, in some cases, wiped out all their savings. In terms of investor protection, this country resembles the Wild West.

The solution is stringent controls governing anyone who wants to manage your money, forcing them to provide cast-iron and reliable information to investors, and heavy punishments for those who don’t conform. Information should be transparent, and tough luck to any investor who doesn’t pay attention to it.

The protection our politicians have only recently begun discussing is taken for granted elsewhere in the world, where financial regulators rule the roost.

Labour is slow to support anyone who seeks financial independence. National appears to support the law of the jungle. Meanwhile, the man in the street is left floundering in the middle. No wonder most Kiwis would rather spend than save.