David Whiteley

The Industry Super Network (ISN) has produced more research backing its arguments that financial planners should be legally required to act only in the best interests of their clients.

The ISN commissioned Newspoll to undertake the research and said it had found that 85 per cent of respondents wanted legislative reform to require financial advisers to act only in the best interests of clients.

Further, it said the research had revealed that 79 per cent of respondents believed commissions and other inducements were likely to compromise the quality of advice.

Commenting on the survey, ISN chief executive David Whiteley said there continued to be a mismatch between the expectations of consumers of financial planning and the preparedness of the industry to respond.

"The message to both financial planners and the Government is clear: demand for advice will increase once consumers have confidence that the advice they receive is impartial and in their best interests," he said.