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

Simplybiz launches advice academy

Simplybiz launches advice academy

To attract, develop and retain new talent

Isabel Baxter
clock 07 May 2026 • 2 min read
Retail investors shun private markets and AI for financial advice

Retail investors shun private markets and AI for financial advice

Morningstar survey

clock 06 May 2026 • 2 min read
Turning noise into clarity: Recency bias is why adding context matters

Turning noise into clarity: Recency bias is why adding context matters

Telling clients not to worry rarely provides the reassurance they need,

Louis Williams
clock 06 May 2026 • 4 min read