The Financial Planning Association (FPA) has called for an end to the negative portrayal of the industry that it says is promulgated through government policy and the media.

The statement comes as the FPA prepares for its involvement in a review of fees and charges levied by superannuation funds, announced last week by Superannuation Minister Nick Sherry.

FPA Deputy CEO Deen Sanders says with an underinsurance gap and concerns about the economy, markets and superannuation, Australians cannot afford to ignore financial advice.

He says seven out of 10 Australians receive no financial advice.

“Financial planners have for too long been blamed for all the failures and troubles in financial services and this has got to stop,” Mr Sanders said.

He is hopeful the review will improve understanding about the way financial planners work, the benefits of professional advice and the rights of consumers.

“For too long the remuneration debate has been distracted by misinformed, often vested interests that seem intent on scaring Australians away from accessing the professional advice that is so desperately needed,” he said.