While most industry watchers acknowledge financial planners have improved their professionalism in recent years, not everyone is jumping to pat them on the back.

The Australian Securities and Investments Commission (ASIC) is maintaining a close watch over the industry. And with good reason, according to the head of one of Australia’s largest professional indemnity insurers.

Dexta CEO Bob Lee says a number of “rogue players” continue to be driven by commissions and this taints much of their advice.

He also warned other professional indemnity providers to choose their financial planning clients very carefully.

ASIC is particularly concerned about the number of super funds being transferred without any obvious reason, he says.

“There are some excellent, professional financial planners out there,” Mr Lee told Sunrise Exchange News.

But the industry also appears to have a “disproportionate share” of rogue firms, he said.