Why 57% of Brits do not trust financial advisors

A recent study carried out by My Pension Expert revealed that 57% of British people don’t trust financial advisors. This figure was even higher among the over 55s, with 65% in this age group stating that they do not trust advisors.

65% of the respondents also admitted preference to using free advice services online, and a massive 76% claimed they felt happier making their financial decisions without professional help.

So what has led to this lack of trust in the industry?

Over a quarter said that they had felt pressured by their financial advisor, and that they were being pushed into investing in a financial product without full knowledge of what it entailed.

More than 10% of people also claimed they’d lost money after following their advisor’s advice, and three quarters said they felt the cost for hiring a professional was too high.

What does this mean for the future?

Consumers are rightly becoming more financially savvy, but there are still many occasions where lenders and advisors are using heavy-handed sales tactics and not advocating for their customer’s best interests. This can leave consumers vulnerable to mis-selling.

Of course, there are many financial advisors operating with integrity and transparency, and with the FCA increasingly cracking down on lenders for mis-selling, this should reduce the amount of foul play across the industry.

Have you been mis-sold?

Here are just a few of the most common signs that you may have been the victim of mis-selling:

  • You felt pressured into purchasing the financial product
  • The lender didn’t properly explain the agreement to you
  • There wasn’t a full risk assessment carried out and your specific circumstances were not considered
  • You weren’t offered a full range of options
  • The lender didn’t disclose the commission they were earning
  • You were promised something that wasn’t delivered.

Here at Legal UK Services, we help our clients get the best possible outcome when they decide to take legal action against a lender.

Our team members are incredibly passionate about protecting your legal rights and ensuring you feel comfortable, supported, and respected during what can be a stressful process.

If you think you may have been mis-sold to, call 01615 180980 or email [email protected] and one of our team members will get in touch as soon as possible.

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