I think you're right - I don't think as an individual you'd get very far (even going by an ASIC video I just watched - they pretty much say as much, between the lines!)
Hey, I get it. You honestly and innocently thought you were getting a reasonable and realistic deal. I also very much agree - a lack of financial education shouldn't mean that a person becomes fair pickings to crooks. i.e. I think there should be an intelligent protection in the financial industry. If you go to a medical doctor, you'd like to think you can trust them to do no harm and look out for your best interests (any debate on that will have to go to the general forum, lol).
I know jack crap about cars or how engines work. I trust my local, family mechanic. He's runs a wonderful family business and treats every customer like gold.
People should be able to get decent financial advice in the same way, with the same consumer protections. If I go to a dodgy mechanic, and I catch them out, I'm not going to want to pay their bill! Unfortunately, it's all to late in the financial industry, where the money has already been invested.
Still. On a personal level, Gary - we've all made financial mistakes. Apart from these guys being mongrels etc, you must also feel some regret within yourself? I ask, not to berate you, but because I think that it would be normal to ask yourself what mistake you made in the situation - and what I've experienced myself. If you only blame them, then it concerns me that you've got it only half right (which I'm sure is not the case, by the way).