The Coronavirus outbreak has brought many changes with many of us working from home, in all its glorious awkwardness, and adjusting to new and strange work patterns.

I've noticed 'out of office' messages have disappeared, which is one small benefit - literally everyone is in.

One thing that has not changed is the growing burden of compensation costs on the profession.

This has been brought home over the past week with yet another wave of defaults published by the Financial Services Compensation Scheme.

Some of these will cost tens if not hundreds of millions to resolve. One alone, Berkeley Burke SIPP, is reputed to be likely to cost £150m.

However, all this could be dwarfed by the eventual cost falling on the profession of Coronavirus-linked company failures.

I would be astonished if there were not a wave of defaults over the next year as weaker financial advisory firms and providers, and those just plain unlucky or incompetent, going into administration.

Of course, this does not mean that firms which are wound up will automatically mean a burden on the FSCS but I have no doubt some will use it as a smokescreen to duck their responsibilities to clients and either run off with the cash or just dump their bad-advice linked claims on the FSCS and walk away.

However, there is a short window of opportunity now for reform.

Before the virus upheaval happened the professional and trade bodies, and many others, were calling for substantial reform of compensation funding. They could well now find the government in listening mode.

There is merit in a product levy and other ideas have been put forward too to share the burden.

The window is short though because once things ease off the appetite for change may be diminished.

But it is essential. Without some reform now the burden of funding the FSCS and Financial Ombudsman could eventually run into billions and that really is not in anyone's interests. The impact could be cataclysmic but a rational and sensible debate now about reform could save a lot of tears later.

• I hope you are continuing to stay safe and we know many of our readers are working from home. If you are and want a free view of the UK’s best Financial Planning magazine here’s a link with my compliments: http://bit.ly/2U2R3Ih

• This column will take an Easter break next week, on Good Friday, and return the following week on 17 April.

Kevin O’Donnell is editor of Financial Planning Today and a financial journalist with 30 years experience.  This topical comment on the Financial Planning news appears most weeks.

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