Most UK adults fail to seek regulated financial advice because they believe it to be “too expensive” and “for the wealthy”, according to new research.

The year has not started well for the adviser sector with nearly a dozen firms already declared as failed by the Financial Services Compensation Scheme.

The FSCS has declared pension transfer adviser Portal Financial Services LLP (FRN501272) as failed after the firm went into compulsory liquidation following a string of complaints.

The Financial Services Compensation Scheme has declared five pension advice firms as failed this week - four of them for pension transfer advice complaints.