Wealth manager Harwood has placed a subsidiary, appointed rep adviser firm Network Direct, into voluntary administration due to “weak investment markets” and rising Professional Indemnity insurance costs.

The Chartered Institute for Securities & Investment (CISI) has raised concerns with the FCA at the decision to increase the Financial Ombudsman Service’s (FOS) compensation limit from £150,000 to £350,000, as it may have “serious unintended consequences for its member SMEs”.

Insurance broker business leaders have warned IFAs to take action now to ensure they give themselves the best chance of securing compliant cover at their next renewal date.