One of the issues needed to improve trust was addressing previously hidden commissions paid to advisers, an issue Ms Crossan said she would like to see debated.
"If financial advice is being offered for free by banks and other places, it comes with the proviso that if it is being offered for free, it usually comes from a product provider."
The Australian finance sector was looking at the issue, but New Zealand lagged behind in that debate.
People were looking again at investing and Ms Crossan said they were likely to be cautious investing in products promising high interest rates.
"I've always had a three-pronged approach to retirement income: the need for stable, effective government policy; the need for a trusted finance service sector and a financially educated population."
Visiting Dunedin yesterday, Ms Crossan said the recession had created an opportunity to educate the financial literacy of investors.
Such an opportunity was known internationally as a "teachable moment", in a similar vein to buying a home or having a baby, and for New Zealand investors the commissioner's office has launched a campaign and information pack.
Ms Crossan said the campaign was a reminder for people to do homework on their adviser and on the products being offered before handing over their money.
The timing was perfect for such a campaign, she said, with a recent Consumers Institute report questioning the expertise of some financial advisers while the loss of investments due to the collapse of finance companies has raised awareness about where money was invested.
She said financial literacy meant questioning, such as who gave you the adviser's name, what were the experiences of others who have used the adviser, how were they being paid, what was their qualifications and how did they define a diversified investment portfolio.
Ms Crossan said diversity did not mean investing money in four finance companies instead of one.
