Financial products in Australia

My friend in Australia told me that many banks in Australia are selling complicated financial products that are misleading to the consumers. Many investors have lost a lot of money on these products or obtained a miserable return.

The investors were asked to read a prospectus of more than 100 pages. Even a financial expert cannot understand what the product is.

It seems that the regulators in Australia do not check on the content of the prospectus or do not take the responsibility to approve the product. The investors have to take their own risk.

I told my friend that a simular situation exists in Singapore. It seems that the regulators in both countries follow the same approach, "let the buyers beware".