International wealth manager deVere has said Nigel Farage’s advocating a DIY approach to investing could be monumentally risky for inexperienced investors reading his newsletter.

Hundreds of thousands of DIY drawdown investors are unaware they can scale back or stop their withdrawals, putting them in danger of draining their retirement savings too rapidly, according to new research for Zurich.

Advised investors in the UK are outperforming DIY investors by more than 25% a year, according to a survey by a fund manager.