Personal Finance Society  

PFS board advisers say governance failure claims lack evidence

PFS board advisers say governance failure claims lack evidence

Member directors and advisers to the Personal Finance Society board have said claims of governance failures made by the Chartered Insurance Institute are not true.

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.

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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.

“As member directors and co-opted advisers, we want formally to express our severe disappointment with the announcements made by the CII just before Christmas,” the statement read. 

“In particular we note that the comments made about governance failures and other failings by the PFS board are not true, and not supported by any documentary evidence. 

“We remain committed to making a success of a member-led professional body working in the interests of its members. The CII actions and false statements have made that much more difficult.”

The group said it does not support the actions of the CII board to subvert the PFS constitution, and seek to outnumber the democratically elected board.  

Instead the group said the future of the PFS should be decided by a survey of all members and a programme of webinars over the next couple of weeks so as many views as possible are heard.

The group also wants to call an extraordinary general meeting in the next two weeks. 

“We will work to deliver this and urge all members to get involved and provide their feedback and view on their PFS before the end of the consultation period on January 19, 2023.” 

Following the CII statement, PFS members came together to hold an emergency general meeting but were unable to go ahead.

Members of the PFS hit back after its emergency general meeting was rendered “inquorate” due to insufficient CII appointed directors.

The CII has been approached for comment. 

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