The ongoing clash between the board members of the Chartered Insurance Institute (CII) and the Personal Finance Society (PFS) received its latest update this morning with the issuing of a statement from the member directors and co-opted advisers of the PFS board.
In the statement, which relates to the recent action taken by the CII board to “equalise” the PFS board, the member directors and co-opted advisers of the PFS board formally expressed their “severe disappointment” with the announcements which were made by the CII before Christmas.
“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,” the statement read. “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 contributing members and advisers stated that it is their view that giving members a say is the right way forward.
“[We] do not support the actions of the CII Board to subvert the PFS constitution,” the statement added, “and seek to outnumber the democratically elected board.”
In the view of the contributors, the next steps to be taken should be:
1. A survey issued to all members to allow the views of PFS membership on the way forward to be gained
2. A programme of webinars over the next couple of weeks to hear as many views as possible
3. The calling of an Extraordinary General Meeting in accordance with the Articles of Association in the next two weeks.
The statement concluded: “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.”
Insurance Business UK has reached out to the CII for comment and will update this article when a response is received.
