Very cool, if true

It does, but what's being suggested here isn't offering any of that - in contrast to the previous CAT scheme, there's no cap on charges or fees.

Now is not a bad time for a fundamental overhaul of consumer protection in the financial services industry, but this is emphatically not that. This is a gimmicky scheme that, if it succeeds, will increase the savings rate - which is really, really not what we want in the middle of an ongoing deleveraging crisis.