Tensions between the two bodies began in December 2022 when the CII announced it was to appoint a majority of directors to the PFS board, alleging failed mediation attempts and poor governance issues.
It also announced it would be appointing three institute directors to the PFS board with immediate effect.
However, at the time, Vanessa Barnes, a member director at the PFS hit back about the "serious public allegations" made against the PFS board.
She said there had been no evidence to support the CII's allegations of poor governance.
"You have published allegations that I, as a member director of the Personal Finance Society (PFS) have failed to act properly in accordance with the PFS Articles of Association and that I and other member directors are responsible for serious failures of board governance. However, you have not provided any evidence to support your allegations, which I personally refute," she wrote at the time.
“As you have chosen to make your accusations publicly and without prior consultation or engagement, I feel I have no option but to respond accordingly to your false allegations and I aim to provide fact based substantiation of my replies to correct your factual inaccuracies.”
Earlier this week, the PFS published its full year results which revealed the number of members fell by 367 in 2023, impacting membership revenue.
alina.khan@ft.com
