FINANCIAL advice is making a comeback. One in 10 of the UK population paid for advice last year – the equivalent of 4.5 million people - representing a 41 per cent rise on the previous year’s 3.2 million.

But 36 per cent of adults took no advice despite having at least £10,000 to save or invest, according to an in-depth survey published this week by the Financial Conduct Authority (FCA).

The regulator concludes that this means over 18 million people might have a need for advice but have not taken it.

Of those who did take advice, two-thirds did not shop around, but only one in eight overall was dissatisfied with their service.

The research comes on the eve of Financial Planning Week, which sees investors UK-wide being offered a free advice session worth up to £500, in person, by phone or via Skype.

Over 50 firms of certified financial planners are taking part, under the auspices of the Chartered Institute for Securities & Investment (CISI).

As well as the free consultation surgeries, CISI is staging ask a planner online sessions and visits to schools across the country to talk about the merits of the financial planning profession as a career.

The FCA survey found 37% of those with over £10,000 to save or invest felt able to make their own decisions, largely because of “a propensity for keeping the majority of their money in simple, cash-based savings products, about which they felt knowledgeable and confident”.

But it did not ask whether people had considered or used ‘robo-advice’ - online investment services that use questionnaires to guide you into a fund with a suitable risk level.

A survey of financial advice by consumer organisation Which? this month found only one in five advisers publishing the full details of their charges on their websites for different scenarios.

The quoted cost for advising on investing a £60,000 inheritance ranged widely from £250 to £3,000.

But the FCA report says only 15% of those who might need financial advice mentioned affordability as the main barrier to accessing it.

It says: “While the absolute cost of advice plays a part in that barrier, adults are more concerned about whether they are getting value for money for the price they pay and whether the adviser is acting in their best interests.”

That is partly because the spectre of mis-selling still hangs over the industry, with pension mis-selling claims hitting £108 million in the first eight months of the year.

The Financial Services Compensation Scheme (FSCS) is paying out millions every month to investors whose claims against rogue firms cannot be settled by the Financial Ombudsman Service because the firms have disappeared.

But the FSCS can only award a maximum £50,000, compared with the ombudsman’s £150,000 plus interest, and, most worryingly, rogue advisers are quickly reappearing in phoenix companies with new names.

Former pensions minister Ros Altmann has called for “the ability to strike people off the register or place cautions next to their names that will reflect past problems”.

Next week, by contrast, will be a showcase for the clean side of the profession.

“Our members throughout the UK are ready to help everyone, no matter what their age or financial circumstances during our Financial Planning Week,” said Jacqueline Lockie, head of financial planning at CISI.

“Financial planners can help people achieve their life goals, build financial confidence, combat anxiety and stress about money and deal with life’s challenges around day-to-day financial decisions.

"Whether you are part of the sandwich generation trying to manage work, children and parents simultaneously or a young or older person with debt worries, our aim is to encourage all UK consumers to stop and think about their own personal financial plan.”

Investors who do seek financial advice might find the recommendations they receive vary depending on where they live, according to a survey by Aegon.

Some 28% of advisers in the south think cash is the worst place to keep your money over the coming 12 months, compared with 14% of those in the more nervous north.

Meanwhile, employers are losing enthusiasm for helping their staff access financial advice.

In research conducted on behalf of financial advisory business Chase de Vere, 83% of employers said they did not think their workers would benefit from receiving investment advice, while just 33% said they would invest to provide advice for their staff. In the previous year 42% of employers said they would be willing to pay for financial advice for staff.