Increasing regulatory costs is the biggest hurdle facing Financial Planners in the next 24 months, according to our annual survey.

The Personal Finance Society has welcomed the FCA’s adviser sector study published yesterday showing rising financial adviser numbers but warned there are still too few advisers to meet demand and soaring PI insurance costs are hitting the profession.

Wealth manager Harwood has placed a subsidiary, appointed rep adviser firm Network Direct, into voluntary administration due to “weak investment markets” and rising Professional Indemnity insurance costs.

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.