PIMFA has called on the Government and the Financial Conduct Authority (FCA) to urgently reform the supervision of financial advice and consumer compensation through the Financial Services Compensation Scheme (FSCS).

The Financial Services Compensation Scheme is set to increase its levy yet again as it faces a £92m shortfall, according to its half-year Outlook report published today.

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.