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

Cohabitation consultation to provide 'improvement not parity'

Cohabitation consultation to provide 'improvement not parity'

Clear framework could help advisers

Sophia Panayi
clock 08 June 2026 • 5 min read
Feel Good Friday: Royal London opens applications for £10,000 women and girls' rugby grant

Feel Good Friday: Royal London opens applications for £10,000 women and girls' rugby grant

Third year of annual Championing Women and Girls’ Grassroots Rugby Award

Professional Adviser
clock 05 June 2026 • 1 min read
Cohabitation reforms to offer unmarried couples 'more financial security'

Cohabitation reforms to offer unmarried couples 'more financial security'

Government launches consultation

Sophia Panayi
clock 05 June 2026 • 2 min read