Nearly nine in 10 (85%) financial advisers are worried about the damage to their businesses from rising costs and 26% plan to raise fees to cope, according to a new survey.

CPI inflation continued its recent downward trend in December for the second month with a fall from 10.7% to 10.5%.

Record DB pension transfer values have pushed up average costs for transferees by 10% in one year.

The Personal Finance Society has welcomed the FCA’s adviser sector study published yesterday showing rising financial adviser numbers but warned there are still too few advisers to meet demand and soaring PI insurance costs are hitting the profession.