A further two directors, Vanessa Barnes and Gordon Wilson, have resigned from the Personal Finance Society (PFS) board.
The moves come as the latest step in the long-running dispute between the PFS and the Chartered Insurance Institute (CII) which has seen significant upheaval and many departures from the two bodies, which has culminated in the CII taking control of the PFS by installing a majority of board members.
This has included questions about governance operations at both bodies with most recently the PFS instigating a governance review while the CII said it would “refresh” its governance.
In a joint statement from CII Group chief executive Alan Vallance and PFS interim CEO Don MacIntyre, they said the board had accepted the resignations yesterday and thanked Barnes and Wilson for their service over many years.
A formal recruitment process to appoint replacements has been initiated.
“Their appointment will ensure the PFS board can meet in quoracy and immediately resume serving our PFS members, including investing the PFS reserves in ways which best serve PFS member interest including compliance with meeting the Financial Conduct Authority’s Consumer Duty regulations,” they said.
“As has been repeatedly stated over the past 12 months, there is no intention or value in deregistering the PFS.
“Ensuring good governance is in place across the group has always been our priority, and the CII will continue to support the actions the PFS board considers necessary to ensure compliance with corporate governance best practice.
“We look forward to the PFS board now channelling all its energy and resources into building a strong future for PFS members.”
