In Focus: Profitable advice business  

PFS reinstates CEO role and hunts for an interim

PFS reinstates CEO role and hunts for an interim
Sarah Lord, president of the Personal Finance Society

The board of the Personal Finance Society has announced today (July 12) that it will recruit an interim chief executive officer this year before it looks to fill the role permanently in 2023.

The PFS hopes to fill the interim role before the end of summer 2022 and the recruitment will be undertaken using a professional consultancy after a service tender.

The interim CEO will then work with the permanent CEO to ensure there is a smooth transition in leadership.

PFS president, Sarah Lord said over the last year the PFS has worked with the CII to find the most efficient way to manage the organisation after the role of PFS chief executive was dissolved by the former chief executive of the CII in June 2021

“It has become clear that the best way to represent and advocate the PFS members’ interests and preserve and protect its assets and deliver tailored member support is through the appointment of a full-time executive CEO role,” she said. 

Lord explained that the decision was made following feedback from members supporting the need for a dedicated executive championing their interests within the CII’s ‘Shaping the future together consultation’ last year. 

She added: “The CII executive is supportive too. This is why we are commencing an executive search process immediately and will appoint an Interim CEO in the first instance while we seek a permanent appointment.”

In a statement released by the PFS, it said the board is “of the view that while the general insurance and personal finance sectors have evolved in different directions, there remains merit in investigating future approaches together with the CII that will ultimately serve the needs of both organisations’ members while maintaining public confidence in the two disciplines.”

It also said that the board anticipates the interim CEO, the volunteer board and employees at the CII will work together.

The CII’s interim chief executive, Jonathan Clark said that a key finding from the consultation last year was that members wanted greater collaboration between the CII and the PFS boards and a new PFS leader, empowered to raise public trust in the profession. 

“This was both welcomed and supported by the CII Board,” Clark said.  

“I am, and always have been, deeply committed to working collaboratively with the PFS, to best serve insurance and financial planning professionals. 

“We must continue our collective engagement, so we have a united understanding of the challenges both professions face. Then we can deal with those challenges in a simple clear way; a way that – without compromise – always has our membership at heart.

"The PFS is an absolutely critical part of what we do – its 39,000-strong membership is highly valued and is a great voice for advice, especially at a time when the cost-of-living crisis is impacting even the most resilient among us.”

Last year, the PFS criticised the CII for not engaging with its board on the ‘Shaping the Future Together’ consultation before publication.