The Financial Planning Association (FPA) says 90% of reports of poor advice submitted to its whistleblower service have been successfully resolved.

In total there have been 61 cases involving 62 individuals.

CEO Mark Rantall says the unresolved allegations are still being investigated or monitored.

The association has released the figures as part of its push for a co-regulatory system for advisers, to restore trust in the financial advice system.

“The story behind these numbers is of a professional system operating to self-govern against perceived or actual misdemeanour,” Mr Rantall said.

“It points us to the timely conclusion that we must now embed a relevant, consumer-centric professional framework… that separates industry from profession and product sales from advice.”

He says the association has long pushed for higher standards in financial advice.

“The new data from the FPA’s whistleblower service shows how effectively a professional co-regulatory system can work when enforcement of higher ethical and professional standards may be called for.”