Financial media personality and Financial Literacy Foundation Chairman Paul Clitheroe says regulation alone isn’t enough to prevent another large-scale corporate collapse like that of failed property company Westpoint.

In an interview in the Australian Financial Review, he said consumers need more knowledge of how to protect themselves. “One solution is increasingly trying to make the regulations better and better and better. But realistically, will the best regulations in the world stop the next Westpoint? Frankly I doubt it.”

The foundation is on track to improve financial literacy across the country, starting with state-based campaigns aimed at school level. The Federal Government has pledged $5 million a year to improving financial literacy and $16 million for a media campaign.