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.

PIMFA, which represents 1,000 investment managers and financial advisers, has called on the FCA to postpone implementation of revised FOS compensation limits.

The FCA has today published a report which appears to give the insurance sector - including the professional indemnity market - a clean bill of health.

The Personal Finance Society has called for a joint solution to the flaws in the Financial Services Compensation Scheme (FSCS) and the professional indemnity insurance (PII) market as part of its submission to an FCA consultation.