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.

Some 45% of PIMFA member firms have reported increases in their FSCS levy bill of more than 100% in the last five years, a survey for the wealth manager trade body has revealed.