Budget 2026: EV CEO Chet Velani Warns of Missed Opportunity for Financial Advice Access

The UK Budget’s focus on immediate cost-of-living pressures has overlooked critical long-term financial resilience and pension adequacy, according to wealthtech provider EV. With only 9% of consumers currently accessing regulated advice, the industry is warning of a disconnect between government ambitions for retail investment and the actual support available to help consumers make informed decisions.

What was announced

Chet Velani, CEO of EV, has issued a critique of the latest UK Budget, arguing that the government’s focus on short-term economic relief fails to address the structural "advice gap" facing millions of consumers. While the government has expressed a clear ambition to encourage greater retail investment among the public, Velani points to a significant disconnect: the lack of accessible support to ensure these investments are appropriate for individual circumstances. The current landscape sees approximately 91% of consumers operating without regulated financial advice, often leaving them unsupported when making high-stakes decisions regarding their pensions and long-term savings.

The critique emphasizes that the challenge for the sector is not merely the movement of capital from cash accounts into investment vehicles, but ensuring that consumers understand the risks and how these moves align with their retirement objectives. Velani highlighted the Advice Guidance Boundary Review as a critical area where the government must build momentum. By implementing "Targeted Support," financial firms could potentially engage underserved demographics at scale. This would allow for more timely interventions, particularly as consumers transition from the saving phase of their lives to active investing and retirement planning. The statement concludes that the success of government policy should be measured by the quality of consumer decision-making and financial security, rather than just the volume of retail investment.

"While the Chancellor has understandably focused on immediate cost-of-living pressures, it's disappointing that today's Budget has done little to specifically address the longer-term challenges around financial resilience, pension adequacy and access to financial advice. With only around 9% of consumers accessing regulated advice, millions remain unsupported when making important financial decisions. There is a real opportunity for the Government to build on the progress being made through the Advice Guidance Boundary Review and ensure more consumers can access appropriate financial support earlier in their lives, rather than waiting until they approach retirement."

Chet Velani, CEO of EV

The companies involved

EV is a UK-based financial technology firm specializing in wealthtech and financial planning solutions. The company provides multichannel advice and guidance tools designed to help financial institutions, banks, and advisers deliver better outcomes for their clients. EV focuses on risk mapping, financial planning, and bridging the gap between automated guidance and regulated advice through data-driven technology. The firm has established itself as a key player in the wealthtech space, particularly in providing the underlying logic and calculations for complex financial planning scenarios. By offering solutions that cater to both the digital-first consumer and the professional adviser, EV aims to make financial planning more accessible and accurate. The company has been particularly active in the UK market, responding to regulatory shifts from the Financial Conduct Authority (FCA) and advocating for reforms that would allow technology to play a larger role in closing the advice gap.

What FF News has reported before

FF News has tracked EV’s ongoing efforts to modernize the financial advice landscape through several key developments. Recently, the publication covered how Fintegrate and EV Extend Wealthtech Partnership to Streamline Risk Mapping for Advisers, a move aimed at improving the efficiency of professional advice. EV has also been vocal about regulatory frameworks, as seen when EV Calls for Data-driven Two-step Approach to FCA’s Targeted Support to Deliver Better Consumer Outcomes. On the product side, the company has expanded its digital capabilities, which we detailed in EV Elevates Financial Guidance with Its Upgraded EVDirect Solution. Furthermore, the firm’s internal growth was highlighted when EV Appoints Director of Systems Innovation to Support Evolution of EV’s Multichannel Financial Planning and Advice Solutions.

What this means

The critique from EV highlights a growing tension in the UK fintech and wealth management sectors. While the government wants to stimulate the economy through retail investment, the lack of a robust framework for "Targeted Support" leaves a vacuum that could lead to poor consumer outcomes. For fintechs, this represents both a challenge and an opportunity. If the regulatory boundary between guidance and advice remains rigid, the "advice gap" will persist, leaving 91% of the population underserved. This puts pressure on traditional wealth managers to adopt more scalable, tech-driven guidance models. The industry is now looking for more than just ambition; it requires concrete regulatory reform that allows firms to intervene proactively without crossing into high-cost regulated territory.