'PFS governance failures' prompt CII board takeover

Added three CII directors after mediation failed

Jenna Brown
clock • 3 min read

The Chartered Insurance Institute (CII) has said it intends to appoint a majority of directors to the Personal Finance Society (PFS) board after long-running mediation over its future failed and “significant governance failures” emerged.

The CII said it had been working with the PFS board for "many months" in a bid to resolve complex and historic issues. However, it added mediation between the two boards had failed and it would initially equalise the PFS board with the appointment of three CII directors, effective immediately, and planned to add another to form a majority. The PFS board is currently made up of five PFS member directors and two CII directors. Today (21 December), the CII said it would appointment of three further institute directors, who together will equalise the PFS board. It said in a letter to memb...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Adviser soft skills are 'crucial' and have 'never mattered more'

Adviser soft skills are 'crucial' and have 'never mattered more'

‘Soft skills have always been important but are now crucial’

Isabel Baxter
clock 17 June 2024 • 1 min read
'Our industry could benefit from better representation'

'Our industry could benefit from better representation'

‘There's a revolution underway, but there's more work to do'

Isabel Baxter
clock 17 June 2024 • 2 min read
PA Asks: Which party manifesto proposals for FS do you favour?

PA Asks: Which party manifesto proposals for FS do you favour?

This week’s poll also looks at the lifetime allowance and NI cuts

Professional Adviser
clock 17 June 2024 • 1 min read