CII dispute results in PFS spending £1m on legal and advice costs

The process of strengthening its governance functions was ‘interrupted'

Isabel Baxter
clock • 2 min read

The Personal Finance Society (PFS) has spent £850,000 on expert legal and financial advice as part of its ongoing board disputes with the Chartered Insurance Institute (CII), its results show.

Full-year results for the trade body published today (October 25) on Companies House, showed that total its operating expenses were £7.99m in 2022 - £3.2m higher than 2021 at £4.7m. Additionally, there was a £1.4m increase in consulting costs and £850,000 of this was spent on expert legal and financial advice. The PFS said this was required due to the "unique circumstances triggered by the CII's desire to begin mediation from July 2022". "The complex nature of these discussions required expertise to enable the board to navigate new territory," it added. The PFS board brought in ext...

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