Brits have lost thousands from taking financial advice from unregulated sources

People have lost thousands of pounds after acting on advice from online unverified sources, despite industry figures warning that their guidance can be misleading or incorrect.

Over 40 per cent of Brits admitted to taking advice from online sources, including ‘finfluencers’ and chatbots, without first verifying its legitimacy, according to the latest data from fintech Revolut .

Young people were discovered to be most at risk of falling victim to unregulated advice, with nearly 70 per cent of 25 to 34 year olds and 58 per cent 18-24 year olds confirming they took advice without fact checking the provided information.

This caused one in five to lose over £1,000, while a further 4 per cent lost a staggering

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