Nearly two-thirds (64 percent) of financial advice business owners and wealth management chief executives do not trust the Financial Services Compensation Scheme (FSCS) to deliver fair outcomes for consumers or their firms, a survey by trade association PIMFA has found.

In response to the survey, FSCS chief executive Caroline Rainbird acknowledged “the problem [of] rising costs”, and said it was important that it was “crucial to tackle the root causes of the problem, not just the symptoms”, as this will lead to a sustained reduction in the levy.

PIMFA spoke to 84 business owners and chief executives of its membe...