The Financial Planning Association (FPA) has moved to defend members after former Federal Treasurer Peter Costello suggested financial planners are to blame for superannuation investment losses.

In an interview in The Australian, Mr Costello said people who believe they were pushed into large superannuation investments after his Government removed tax on benefits for those over 60 should make inquiries of their financial advisers.

But FPA Deputy CEO Deen Sanders says financial planners help Australians absorb financial market volatility.

“Superannuation is a long-term investment vehicle and despite current performance it remains one of the most tax-effective and high-performing options,” he said. “Those in positions of influence need to take a responsible approach to Australians’ long-term financial health.”