Connect with us

Business

The Personal Finance Society Isn’t Happy About CII’s Board Move

Avatar of Salman Ahmad

Published

on

The Personal Finance Society Isn't Happy About CII's Board Move

(CTN News) – Members of the Personal Finance Society (PFS) are dismayed by what the professional body is calling “the CII coup” which was initiated by its parent Chartered Insurance Institute (CII).

As part of the CII’s attempt to “equalize” the Personal Finance Society board, three institute directors were appointed to it by the CII. Personal Finance Society member director Vanessa Barnes has weighed in with 319 words of opposition.

Barnes mentioned that “cynical” is a word that’s been used to describe recent developments in the CII-PFS rift. This descriptor was selected by both Sarah Lord and Garry Hale, both past presidents.

As immediate past president, Lord also wrote on LinkedIn: “As immediate past president, I strongly refute the allegations made by the CII.”

The CII previously cited “serious and significant governance failures” at Personal Finance Society, as well as a failed independent mediation.

Meanwhile, Insurance Business is able to reveal that there is a sign-up page that asks PFS members to make their voice heard and prevent the coup by the CII.

It is unclear who specifically set up the page, which asserts that the CII needs PFS members more than PFS members need the CII.

According to the message, the PFS is responsible for the vast majority of CII’s revenues and surplus.

Exam fees represent over 60% of the group’s revenue when exam fees are included. In addition, there are £19 million of surplus revenues, which are the property of the Personal Finance Society membership.”

The statement also says: “Make it clear that the membership is deeply unhappy with these appointments.”

The new CII communications director Christopher Shadforth defended the wider body by posting a list of myths and misperceptions about the relationship between the CII and the PFS.

It is a myth that the CII bullied its way onto the board of its subsidiary, according to Shad forth, who joined the CII in October.

As set forth in the PFS Articles of Association, institute directors should be included on the PFS board, and the CII Group is responsible for appointing the majority of the board members,” he explained.

Given the serious governance deficiencies observed at the CII Group, that is the mechanism that needs to be used.”

In the time since this writing, no public explanation has been provided for the said governance failures.

In addition, Shadforth denied it was a “cash grab,” declaring “there is no plan whatsoever” to deregister the PFS.

A PFS emergency board meeting failed to take place on Thursday due to a lack of attendees from the institute directors’ roster. Barnes was present as well as all members of the board.

SEE ALSO:

Logo Design: 3 Important Elements!

Lacoste Reclaims Scent License From Coty, Links With Interparfums

Continue Reading

CTN News App

CTN News App

Recent News

BUY FC 24 COINS

compras monedas fc 24

Volunteering at Soi Dog

Find a Job

Jooble jobs

Free ibomma Movies