New figures from PIMFA, which represents around 1,000 UK wealth managers and financial advisers, showed the number of financial advice firms had fallen, but adviser numbers had increased.

PIMFA, the wealth management and financial advice trade association, has voiced concerns about plans to increase the maximum compensation the Financial Ombudsman Service can demand a financial services firm pays out to £350,000. 

PIMFA, which represents around 1,000 UK wealth managers and and financial advisers, has welcomed the FCA’s decision to further investigate industry concerns about the operation of the PRIIPs regime since its implementation in January.

PIMFA, which represents 1,000 UK wealth managers and and financial advisers, has appointed three new board members.