The Chartered Insurance Institute’s (CII) decision to appoint three directors to the Personal Finance Society’s (PFS) board in a surprise move late last month was “not an outcome the board wanted or pursued”, according to its chair Helen Phillips.
In a statement yesterday (5 January) following the resignation of PFS president Caroline Stuart, Phillips said it was crucial the CII reiterate the governance failures it has accused the PFS of are "not baseless or without foundation". When announcing the appointment of the three board members on 21 December, the CII outlined what it perceived to be several key failures it said had been "repeatedly raised" to the PFS and ignored. These included: A failure to act in line with the Articles of Association (AoA) approved by PFS members; A lack of collective decision making by the P...
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