Insurance brokers have an image problem that dates back almost 30 years, according to Roy Morgan Research’s latest study of consumer perceptions on ethics and honesty.

“Stockbrokers and insurance brokers rate consistently poorly, while accountants are held in higher regard,” CEO Michele Levine said.

Only 13% of Australians rate insurance brokers favourably for ethics and honesty, according to the Roy Morgan State of the Nation report. The figure is unchanged compared with 1985/86.

Accountants (49%), bank managers (38%) and stockbrokers (15%) all score higher.

Financial planners, which have been included on the survey since 2009, are rated favourably by 25% of respondents.

Bank managers’ image has “taken a hiding” since 1985, when 58% of respondents rated them positively for ethics and honesty, according to Ms Levine.

She says this is a cause for concern, because bank managers are the extent of many consumers’ dealings with finance services professionals, and should inspire confidence.

“The amendments to the Future of Financial Advice legislation will hopefully encourage more focus on consumers’ best interests and make financial advice more accessible, affordable and trustworthy for Australians, while protecting them from commission-hungry sharks,” she said.