The FCA says that it may intervene in the professional indemnity insurance market for firms if insurers are unable to renew cover.

The Personal Finance Society says it has received new evidence that some of its 40,000 members are being hit with huge increases in Professional Indemnity premiums and facing restricted cover.

The Personal Finance Society has reported that 3,000 members have downloaded a template to be used to write to MPs to urge government intervention over rising Professional Indemnity and FSCS costs.

The Personal Finance Society is urging its 40,000 members - hit by a double whammy of soaring Professional Indemnity premiums and escalating Financial Services Compensation Scheme levies - to lobby their local MP for change.