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).

The Financial Services Compensation Scheme is set to increase its levy yet again as it faces a £92m shortfall, according to its half-year Outlook report published today.

New Personal Financial Society President Sarah Lord FPFS has spoken exclusively to Financial Planning Today about the work the professional body is doing to tackle rising FSCS levy fees and her thoughts on what makes Financial Planners special.

The Financial Conduct Authority expects a significant number of smaller regulated firms to fail over the next few months.