More than a quarter of local people with money to invest are struggling to get professional advice, according to Yorkshire Building Society which has flagged up concerns about a growing financial advice gap across the UK following Government-backed changes to the rules.

According to a new survey of more than 2,000 people by the Bradford-based firm, around 26 per cent of people in Yorkshire with nearly £215 a month to save or invest struggle to get proper advice.

And 46 per cent of respondents believe their savings and investments are too small to interest financial advisers.

Nineteen per cent blamed the withdrawal of high street financial advice services and financial advisers closing down for their difficulties.

YBS said there was a growing demand and a need for advice as 50 per cent of Yorkshire adults were put off investing in equity-based products due to a lack of knowledge, while 29 per cent of savers were deterred by low interest rates.

Researchers also surveyed more than 200 financial advisers and found that nine in ten believe there is a growing financial advice gap, with 45 per cent of advisers blaming changes under the Retail Distribution Review which tightened up the rules.

The changes, which were introduced last December, mean that advisers must spell out their costs to customers to cut the risk of mis-selling. Previously, advice had appeared to be “free” because advisers had taken a cut of the sum being invested by the customer via the company providing the product.

Financial advisers have been banned from simply taking commission payments from product providers and must clearly explain to the customer up front how much advice will cost and agree how the customer will pay for it.

More than half of advisers surveyed said they expect to have to stop advising some clients as their accounts are no longer commercially viable.

Yorkshire Building Society is campaigning to highlight the need for advice and the no obligation initial financial advice service available in its branches.

Simon Broadley, retail investments manager, said: “We feel offering a service like this is important, particularly as changes in regulation have prompted other high street financial institutions and advisers to withdraw advice.

“The introduction of the Retail Distribution Review has been good news for customers by making it clear how much advice costs, but there are wider issues to consider. Clearly, there is a problem when 26 per cent of people who want advice are finding it difficult or very difficult to find help.”