Chartered financial planner Alasdair Walker says he is still left with questions after he sent an open letter to the Personal Finance Society (PFS) highlighting concern around missing funds and calling for board changes.
Walker confirmed on Friday (3 November) that he received a reply from PFS chief executive Don MacIntyre to his open letter on behalf of the PFS board that he sent on Friday 27 October. In response to Walker's concern that £10m of member funds are missing, MacIntyre confirmed that the PFS has £17.2m in member reserves and emphasised that it is "simply not possible" for the Chartered Insurance Institute (CII) to use PFS funds without PFS board approval. He also said that the CII retains a cash balance which exceeds the PFS intercompany debt it holds. MacIntyre continued: "The PFS b...
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