Majority of adults believe that regulated advice is for the wealthy 

FSCS finds that Brits opt for online financial advice despite risks

Ayesha Venkataraman
clock • 2 min read

Over half (55%) of adults in the UK believe that paying for regulated financial advice is for the wealthy, according to new research by the Financial Services Compensation Scheme (FSCS).

The research, published today (31 January), reveals that almost two-thirds (64%) of UK adults with savings, investments or a mortgage have not sought regulated financial advice in the last five years. Amongst those, more than one in five of those who obtained free guidance rather than regulated advice said they did so because they believed the service was "too expensive". Young people aged between 18 and 34 were most likely to agree that it should be easy to invest without needing professional financial advice, it found. More than half of Millennials (60%) and Generation Z (57%) with ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Budget leaks branded 'disappointing' as tax-free cash cut rumour resurfaces

Budget leaks branded 'disappointing' as tax-free cash cut rumour resurfaces

Calls to ‘ignore’ Budget speculation

Isabel Baxter
clock 22 August 2025 • 4 min read
Inside Quilter Academy: Translating academic learning into practical application

Inside Quilter Academy: Translating academic learning into practical application

13 weeks of focused post-qualification training and development

Chris Jones
clock 22 August 2025 • 4 min read
Provider letters of authority response times improve

Provider letters of authority response times improve

Only one provider’s performance remained flat, Pension Lab finds

Isabel Baxter
clock 21 August 2025 • 2 min read