The Personal Finance Society is urging its 40,000 members - hit by a double whammy of soaring Professional Indemnity premiums and escalating Financial Services Compensation Scheme levies - to lobby their local MP for change.

Nearly 7,000 UK financial advisers have reached Chartered Financial Planner status 15 years after the designation was launched, according to the latest figures from the PFS.

The Personal Finance Society has revealed it has received 40 complaints about the conduct of claims management companies (CMCs) in less than a week.

More than 30 financial advice firms have dropped pension transfer advice in three months due to problems in securing professional indemnity insurance, the Personal Finance Society says.