The Personal Finance Society (PFS) has backed comments made by Andrew Bailey, chief executive of the FCA, and Charles Randell, chairman of the FCA about the need to simplify the parameter between regulated and unregulated activity.

Members of The Personal Finance Society can now be mentored by a financial professional from another part of the world in a new international mentoring programme.

The Personal Finance Society warned today that it has evidence of financial advisers struggling to obtain professional indemnity insurance - and being unable to advise on defined benefit pension transfers - due to big increases in the Financial Ombudsman Service compensation limit.

More than 600 firms have signed up in the first six weeks to support the PFS’s new Pension Transfer Gold Standard designed to improve best practice in Defined Benefit transfers.