The average professional indemnity premium paid by Financial Planning firms has risen to 2.3% of average regulated revenue in 2019, according to the FCA’s retail intermediary market data released today.

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.

More than 30 financial advice firms have dropped pension transfer advice in three months due to problems in securing professional indemnity insurance, the Personal Finance Society says.