Thousands of Personal Finance Society (PFS) members have responded to its consultation which called for their opinion on the Chartered Insurance Institute’s (CII) take over of the PFS board.
The consultation, which closed today (27 January), was opened following the CII's decision in December to appoint three new institute directors to the PFS board, giving it an overall majority. The move followed a period of independent mediation between the two bodies which focused on the future autonomy of the PFS and its financial affairs. In a webinar last week, it was revealed that the PFS and CII had agreed a heads of terms agreement following the mediation but the CII, in a shock move, decided to take over the PFS board over "governance failings" that had not been addressed. The ...
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