Nearly two thousand members have written to Don MacIntyre of the Personal Finance Society, to voice ‘significant concerns’ about what the recent actions of the CII will mean for the PFS as an organisation, the PFS interim CEO says.
In a statement issued on Friday 20 January, MacIntyre said it was response to “the first direct opportunity” for PFS members “to air their views on the CII decision to appoint three new institute directors to the PFS board”.
This follows the PFS board consultation webinar which occurred on 20 January, in which CII CEO Alan Vallance defended the CII against PFS accusations that the appointment of the three directors was a move by the institute seeking to sequester PFS funds, while also maintaining the CII’s position that PFS governance issues had occurred. He also reiterated that there were no plans to deregister the PFS.
The consultation on the future direction of the PFS by the CII, which was due to close on 19 January, has now been extended to 27 January, 2023.
MacIntyre added: “Since the CII announced its decision at the end of last year, it has been vital for me and the PFS Board to ensure members’ voices are heard.
“I know from the almost two thousand members that have written to me that there are significant concerns about what this action by the CII will mean for their organisation, many of which I share.
“The deadline for the consultation has been extended to 27 January to enable more members to be heard. I continue to urge all PFS members to make their views, insights and concerns clear to me via the [ongoing] survey. The more members I hear from, the stronger the message I can relay for the PFS to the PFS and CII Boards on your behalf.”
He continued: “My priority in the weeks and months ahead is to bring stability back to the PFS and develop and deliver a plan to move past this period of turbulence.
“The risks and challenges arising from the decision to act by the CII and the subsequent situation is not in the best interests of the PFS. This impasse has to stop as it is clearly doing damage to both the PFS and CII.
“I and the PFS Board have the organisation and its members’ interests at its heart. I want to sit down with the CII, to negotiate, consider the impact for both organisations and reach a compromise that finds a solution, having heard what members have to say.
“Ultimately, I believe there is a solution that can still be found and our members would expect nothing less than for us to do all we can to reach it.”
