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).

Wealth management and financial advice trade body PIMFA has called on the Government to tighten the rules on the promotion of unregulated financial promotions.

The Financial Services Bill received its first reading in Parliament this week as the Government focuses on getting the financial services sector ready for Brexit.

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.