Financial advice industry faces 'crisis of confidence'
Nearly 80% of Australians believe commission payments to financial advisers compromise the integrity of their advice, according to a new national survey.
The poll also found 84% of Australians think a law is needed to compel financial advisers to provide advice that is only in the best interests of their clients.
The Industry Super Network survey of 1201 respondents says just 16% currently believe financial advisers give totally impartial advice to clients.
Super Network Manager David Whitely says the "startling" results show there is strong public support for greater regulation of advisers.
"This is the expectation our society has of doctors and lawyers, and is the standard the financial advice industry should be measured by," he said.