Majority UK Adults Not Seeking Regulated Financial Advice Meaning No Protection
Published / Last Updated on 01/02/2023
Research by the Financial Services Compensation Scheme has found that nearly 2/3rds (64%) of UK adults do not seek regulated financial advice but rely on their own decisions or indeed family and friends for guidance. The FSCS suggests people think financial advice is too expensive and only for the ‘wealthy’.
By ‘DIY’ing your finances without regulated advice you:
- Do not get gthe be benefit and experinec of a trained and highly qualified financial services professional offering whole of market advice.
- Dont not have access to all financial products available as many are only available via financial advisers.
- Do not have the benefit of any financial services compensation protection should you go direct and ‘advise’ yourself.
- Do not have the benefit of all protection from the Financial Conduct Authority, only some.
- Do not have the protection of the professional indemnity insurance of a financial adviser. Only you can blame yourself for any mistakes.
Comment
This has long been a problem and we have been working for many years to make financial advice accessible and affordable for all. Even just paying for 15 minutes of our time may steer you to the right decision or prevent you from making mistakes and losing money or paying more tax than you should do.
You pay for a car service and MOT but not financial advice? Your car is a depreciation asset, your financial stability is your future. Not taking financial advice may damage your finances.