The Chartered Insurance Institute (CII) and the Personal Finance Society (PFS) have today issued a joint statement touching on the results of an ongoing dialogue between both parties.
The statement revealed that after “full, detailed, and constructive discussions”, the PFS and the CII have reached an agreement in principle on several matters, adding that the progress was aided by the appointment of new CEOs at both institutions.
Commenting on the discussions and recent disagreements that have beset both parties, both the PFS and the CII now agree that they have reached a point where “they can collaboratively move past these.”
The statement added: “The collective aim is to be able to update CII and PFS members on the recommendations of both organisations’ leadership in the new year.”
The PFS and the CII noted that the leadership teams of both parties believe that this agreement in principle will enable a positive and forward-looking approach to serving all of their members.
“The finer points of the terms are still being discussed and are therefore ongoing and confidential,” the statement read. “Neither party will provide further details beyond this statement at this stage.”
The statement follows the publication of the CII’s ‘Shaping the future together’ consultation which encouraged both members and stakeholders to lend their voices to help shape the professional body’s relation with the PFS.
The results of the consultation, which sought feedback on how the two parties currently operate together, were published in February 2022 and showed a preference for the PFS to remain part of the CII Group - with the caveat of greater collaboration between the boards and a new leader “empowered to raise public trust in the profession.”
In July 2022, the board of the PFS announced it will recruit an interim CEO, with Don MacIntyre later stepping into the role in August 2022. In July, president of the PFS, Sarah Lord highlighted that the CEO was previously dissolved by the former CEO of the CII and that the PFS had since worked closely with the CII to establish the most effective way to manage the organisation.
She said: “It has become clear that the best way to represent and advocate the PFS members’ interests and preserve and protect its assets and deliver tailored member support is through the appointment of a full-time executive CEO role.”
Later commenting on MacIntyre’s appointment, Lord added: “The board is delighted that Don will bring his varied expertise and extensive experience to this important role. Not only will he represent and advocate for PFS members’ interests, he will also work closely with the board to preserve PFS assets and enhance our governance.”
Jonathan Clark, then interim CEO of the CII, said: “One of the key findings from our Shaping the future together consultation was that members wanted continued collaboration between the CII and Personal Finance Society (PFS) Boards and a new PFS leader within the group. This was both welcomed and supported by the CII Board, so I am delighted the PFS Board have recruited Don MacIntyre as interim PFS CEO.
“We look forward to closer collective engagement, so we have a united understanding of the challenges the professions face. We can then deal with those challenges in a simple clear way; a way that – without compromise – always has our membership at heart. The PFS is an absolutely critical part of what we do – its 39,000-strong membership is highly valued and is a great voice for advice, especially at a time when the cost-of-living crisis is impacting even the most resilient among us.”
