It has become “apparent” the Personal Finance Society would benefit from having more Chartered Insurance Institute executive members on its board, according to a spokesperson for the Institute after it appointed four of its team to the PFS board.
FT Adviser contacted the CII following the announcement yesterday (October 1) that it had made four appointments to the PFS board “to ensure it has access to the most accurate and timely information when taking decisions on behalf of members".
The appointments included group chief executive Matthew Hill as well as Trevor Edwards, Mathew Mallett and Gill White, who make up part of the executive leadership team.
They replaced four existing institute appointed directors with immediate effect - these were Neil Buckley, Sarah Howe, Catharine Seddon and Neil Watts.
A spokesperson for the CII told FT Adviser: “It had become apparent that the PFS Board would benefit from having more of the group’s executive team beyond the interim chief executive’s role in serving the board, available to input directly into discussions and decision-making.”
The spokesperson went on to say the four appointments would bring “additional strength” to the board as it sought to deliver “an ambitious programme of work for members”.
The CII confirmed the other appointed directors, Mike Crane, Edward Grant and Debbie Mitchell, would remain in their posts.
Alasdair Walker, managing director at Handford Aitkenhead & Walker and former chair of the PFS’s financial planning panel, said it was “pretty galling” to see the CII “flooding the apparently independent” PFS board with its employees.
“This appears to be both unconstitutional, and the next step in what I have long suspected is a strategy to misappropriate PFS member funds.
“I would urge all members to join the Our PFS mailing list to discuss the steps we can take as members to protect our member funds and our professional body,” he added.
A CII spokesperson said: "CII executives have previously served on the PFS Board over many years. Reestablishing a PFS Board structure that combines both external and internal knowledge and expertise will ensure the group’s strategic ambitions for the PFS are best achieved.
"They include delivering high-quality learning opportunities, developing our exceptional member offer, and making significant advances in our IT services."
They added: "The additions of our executive director, member engagement & learning, and executive director, digital & information, alongside the group chief executive and executive director, resources & people, will bring additional strength to the PFS Board and help achieve this strategic alignment for the benefit of members.
"The Institute has the absolute discretion to make changes to its director representation on the PFS board at any time."
History of the CII/PFS debacle
Walker resigned in January last year over the behaviour of the CII which he had called “deeply disturbing”.
At the time, he said: “I do not feel that I can carry on supporting the PFS as a volunteer while there are so many unanswered questions about the CII's hostile takeover attempt.”
