Sheffield-based Financial Planners Belmayne have enlisted their local MP to help them fight rising FSCS levy costs which have seen the firm hit with £2,000 bill increase.

Less than a quarter (17%) of financial advice and wealth management businesses feel confident about their ability to secure affordable professional indemnity insurance (PI), according to a new report.

The FSCS paid over 258,000 customers who had suffered losses from 874 failed financial services firms in 2019/20, predominantly using levies from over 49,000 regulated firms.

The wealth manager trade body PIMFA has said it is encouraging to see the FCA chairman acknowledge that the FSCS levy is at an unacceptable level.