Caroline Stuart, president of the Personal Finance Society is stepping down with immediate effect.
In a statement today (January 5), Stuart said it was “with the deepest sadness” that she has handed in her resignation as both president and member director of the PFS board.
She said: “Since March 2021, it has been well documented that the PFS board has been under tremendous stress and pressure from the Chartered Insurance Institute from threats such as de-registering the PFS and flooding the PFS board with institute directors.
“This pressure and stress has increased exponentially since the CII appointed further institute directors to the PFS Board on December 21, 2022 with the intention to appoint a majority after a 30 day consultation period. All done under the guise of alleged ‘governance failings’.”
Stuart said she has been working with the PFS on an entirely voluntary basis for close to eight years, both as a member and chair of the Paraplanner Panel and, since September 2018, as a member director and vice president of the PFS board.
“It was the greatest honour of my professional life to be elected as president of the PFS in September 2022, particularly as I was the first paraplanner to be elected to the role,” she said.
“I, along with my fellow member directors, fully refute all allegations made by the CII. In my time as both a member director, vice president and president, my fellow member directors and I have taken our fiduciary responsibilities extremely seriously.”
Before Christmas, the CII announced it was to appoint a majority of directors to the PFS board, following failed mediation attempts.
At the time, the CII also announced its decision to appoint three institute directors to the PFS board with immediate effect.
However, in a statement issued today (January 5) by PFS member directors and co-opted advisers of the board, they said claims stating there was poor governance had not been supported by evidence.