Ongoing concerns
The PFS said the prolonged uncertainty between the two bodies created some concerns among corporate and individual members.
However, there was still an increase in membership numbers.
The PFS reported that it ended the year with 40,032 members - an increase of 658 compared to 2021.
Of these members, it had 3,827 fellows, 4,694 associates, 21,684 at diploma level, 3,194 at certificate level and 6,633 at student level and affiliates.
“There was a slight reduction in membership revenue as membership volume fell slightly in the first half of 2022 but picked up in the second half of the year,” the PFS said.
“This was more than offset by the increase in sponsorship revenue as the company welcomed its members back to in-person events and to its flagship event - The Festival of Financial planning, held in November 2022.”
Revenue was also up at £9.76mn from £8.14mn the previous year.
The PFS said its board and CEO have worked with the CII to tackle concerns about online training and examination processes which continued to be disrupted in 2022.
This comes as the CII has been plagued with a number of technical issues over the past couple of years.
In November 2021, the CII faced exam glitches as candidates were unable to view their results and certificates online.
During the pandemic, the CII also apologised to candidates for “unacceptable instances” including problems with accessing remote invigilation sessions and technical issues during sittings.
Candidates had experienced a delayed start to a remote invigilated exam in July 2020, followed by some candidates experiencing technical issues with a remote multiple choice exam in August.
Technical issues continued in test centres in October 2020, with candidates claiming their computer system froze or shut down hours into the exam.
However, these issues continued into 2021. In March, the CII was forced to issue its exam results a day early after it suffered a technical issue, causing confusion among candidates.In April, it was reported that advisers were unable to take exams due to system failure.
Between January 2021 to March 2022, FTAdviser understands the CII delivered 62,000 examinations and received 1,906 complaints, equating to around 3 per cent of candidates.
In January this year, the CII experienced fresh exam difficulties after dealing with a “technical problem” on its R06 exam.
The PFS noted in its report that it will work together with the CII to materially improve these issues.
It added: “The PFS board will be listening carefully to its members and remaining focused on ensuring the strength and success of the PFS continues well into the future.
“With effort and focus on service provision, we are confident that financial planning and advisory professionals will continue to choose our training and accreditation and regard the PFS as the premium organisation for our sector.”
