The Personal Finance Society has welcomed the FCA’s freezing of 2020/21 fees for small firms but warned that the Coronavirus outbreak could force up compensation costs and hit advice firms hard without major reform.

The Personal Finance Society, the Chartered Financial Planner professional body, has backed the FCA’s decision to defer its rule obliging advisers to send ’10% drop letters’ to clients when their investments fall by 10% or more.

More than eight out of 10 advisers say they would recommend the Financial Planning profession to family and friends, according to a Personal Finance Society poll.

The Personal Finance Society has joined forces with major education and training provider Pearson to create a new ‘pathway’ into the financial advice profession.