CII boss stands down, saying 'more needs to be done' on PFS

Sian Fisher’s six-month notice period begins today (October 1), meaning she will exit her post on March 31, 2022.

In a letter to members announcing her exit, Fisher said: "I fully acknowledge that more needs to be done to reassure our Personal Finance Society members and with the opportunities presented by our forthcoming member consultation, I hope we can encourage as much member engagement as possible and work together to resolve this important governance matter."

In June, the PFS board voted down a proposal to deregister it after it caused uproar among members.

But many remain concerned, with some chartered financial planners telling FTAdviser they wouldn't hold their breath yet that the PFS was in the clear.

The CII first proposed deregistering the PFS as a legal entity in 2016 and then again in 2019 with a view to making cost savings and reducing the tax bill.

Both times the proposals were rejected by the PFS board but Fisher told FTAdviser in June that back in 2019, it was agreed that it would be considered again following the formation and establishment of the structure of the CII’s Insurance Societies. 

The CII said Fisher’s decision to step down today “has been timed to cover the full period of the forthcoming membership consultation”, which launches this month and is set to conclude in the first quarter of 2022.

Fisher’s successor will then take forward the board’s refreshed strategy, including a new five-year plan.

“I have every confidence that, following all the work we have done together, the next phase of development for the CII, under the next CEO, will be able to focus on enhancing professionalism for our sector, providing a vital contribution to society and fulfilling our strap-line of ‘Standards. Professionalism. Trust.’”

The outgoing chief executive, who took on the role in March 2016, would have stood down at the end of 2020 when her five-year term expired. But the ongoing impact of the pandemic, paired with the arrival of a new CII chair in July last year, meant Fisher extended her tenure.

In her exit letter, Fisher highlighted several “important advances” at the CII during her tenure.

This included the Institute’s modification of its bylaws, which Fisher said has “paved the way for modern contemporary governance of the organisation with a truly professional and diverse board and chair and committee structure, achieving the full support and buy-in of our valued volunteer members and affiliated institutes”.

She also drew members’ attention to the body’s IT transformation, freeing it from relying on its own servers and “high-cost IT resource”, as well as replacing all its ;end of life’ platforms for exams, learning, membership, events and customer service.

Fisher concluded her career highlights with the launch of Insuring Women’s Futures, a market initiative established by the CII to promote and enhance the profession’s role in relation to women and risk.

“When I joined the CII in 2016, I made a commitment to modernise the organisation during my five-year term, to make sure it was ‘fit for the future’ and supported the vital role our members play in society,” said Fisher.

“It has been an absolute privilege to work with all my dedicated colleagues and the Board to transition the CII into a more sustainable, ‘relevant, modern and diverse’ professional body.

“I look forward to spending the next six months overseeing our forthcoming membership consultation – Shaping the Future Together – and supporting the transition to a successor who will lead the next phase of the CII's development.”

Helen Phillips, the CII's chairman, said: “Sian has led the CII at a pivotal time and as a board we are enormously grateful to her for all that she has achieved. We look forward to evolving her legacy, with a clear focus on building public trust and helping our members to support their clients in becoming more financially resilient.

“I want to thank Sian personally, it has been a privilege and a delight to work with someone whose intellectual agility and commitment to the CII is matched only by her integrity, graciousness and unerring good humour. I look forward to continuing to work together over the next six months.”

ruby.hinchliffe@ft.com