Bishop said PFS members would have to think "long and hard" about any action they wanted to take.
Lord said that in the long-term, the PFS could become its own stand-alone professional body but she warned this would require an "incredible amount of work" and she called for a review of the articles of association.
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She said: "Finding a way of coexistence with that relationship but the PFS having greater autonomy is probably the best way forwards for everyone, as we sit here today."
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