AGM hears CII recorded losses in 2022 for third year running

Members heard an update of the group’s finances in an annual general meeting held yesterday (November 30).

They said the CII saw an operating deficit of £760,000 in 2022, compared with the £1.47m reported in 2021. 

The CII Board said it was working on “returning to the sustainable operating profit position which was achieved in 2019”, in papers published in September. 

Overall, the wider CII Group reported an operating surplus 2022 of £2.38mn in 2022, a 28 per cent reduction on 2021’s £3.3mn figure, according to documents seen by FT Adviser.

There are no material uncertainties which call into doubt the Institute’s ability to continue as a going concern.CII statement

The PFS had an operating profit of £1.77mn in 2022; however this was much smaller than the reported profit of £3.37mn in 2021.

It comes at a challenging time for the group, with some PFS members still expressing concern over the events of the past 12 months.

Most recently, the AGM was on the same day that former PFS board member, Vanessa Barnes, wrote an open letter outlining her “grave concerns” over funds held by the CII. 

FT Adviser understands this letter was discussed at the AGM.

Meanwhile, the group has also seen a number of resignations and appointments.

HR director Caren Thomas left in August with finance director Trevor Edwards due to resign in Spring 2024. 

It all started in December 2022 when the CII announced it was taking control of the PFS board amid "failed mediation". 

The CII first set out its losses in its annual statement, published in November. 

It said: “The Institute reported a third consecutive year of operating losses, which has contributed to a reduction in its net asset reserves since the pandemic.

“The Institute has, however, reduced its losses since the pandemic-impacted year, 2020, and expects to continue to do so.

“The Institute has sufficient financial resources to navigate this period as it continues the journey to profitability, where the profits may be used to rebuild reserves and invest in more products and services for its customers.

“The CII Group’s board remain of the view there are no material uncertainties which call into doubt the Institute’s ability to continue as a going concern.”

It is understood the 'ordinary business' of the meeting was voted through, which included electing next year’s president, Ian Callaghan, and the election of Nicola Stacey as deputy president. 

The CII did not wish to comment further on the AGM. 

tara.o'connor@ft.com

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