Special teams to help workers avoid scams

Andrew Mathieson
State Government will send a team of financial planners to help Geelong Ford workers to keep their redundancy packages out of the hands of “dodgy” investment advisers, parliament has heard.
Consumer Affairs Victoria will send project teams to the company’s Geelong plant in response to the city’s history of investment brokers “willing to peddle snake oil”.
Many redundant workers will leave Ford with substantial redundancy packages after years of service as the company cuts hundreds of jobs in Geelong.
Ford announced last week it had cancelled plans to close its Geelong engine plant by 2010, saving 400 jobs, but hundreds of staff will still leave their workplaces under other cuts announced this year.
Minister for Consumer Affairs Tony Robinson told parliament he feared for unwary workers given Geelong’s experiences with dodgy investments.
Mum-and-dad investors lost around $70 million in the collapse of Geelong’s Chartwell Enterprises earlier this year.
“In Geelong and elsewhere, we have historically seen people all too willing to peddle snake oil and offer financial investment opportunities that are totally unrealistic,” Mr Robinson said.
Lara MP John Eren, a Ford shop floor employee between 1985 and 1992, said many of the manufacturing workers could face unemployment or early retirement after leaving the company.
Mr Eren said Chartwell collapse prompted the Government action.
“Unfortunately, there are unscrupulous investment companies that prey on the vulnerable, where people have lost millions of dollars through dodgy investment companies,” he told parliament.
Consumer Affairs Victoria will advise workers on credit-related issues and debt collection practices and provides information on the rights and responsibilities of consumers, finance brokers and lenders.
Ford workers can phone Consumer Affairs on 1300 558 181.