Nearly a dozen life insurance advisors have been reprimanded for dodgy deals that only served to line their own pockets.
The Financial Markets Authority sanctioned 11 advisors and is looking at three more after an investigation found they were acting in their own best interests.
However, Financial Services Council CEO Richard Klipin told Mike Hosking there are thousands of New Zealand advisors who go out every day to do the best thing by their clients.
"Of course, this kind of conduct and behaviour is obviously concerning and alarming but I think we do need to keep it in perspective, in the overall scheme of things."
LISTEN ABOVE AS RICHARD KILPIN SPEAKS TO MIKE HOSKING