Members of the Personal Finance Society are being urged to vote against the PFS report and financial statement ahead of the AGM next week (November 11).
Alasdair Walker, former chair of the PFS’s financial planning committee, has called on members of the professional body to register their protest vote.
In his newsletter ‘Our PFS’, Walker said: “My understanding from people close to the PFS is that the CII are trying to quietly dismantle any semblance of independence from the inside.”
In addition to recommending voting against the financial statement to “send a strong message”, Walker urged members to vote for the member directors and lay director.
“CII’s independent chair, Helen Philips, said at the CII AGM that voting down a particular motion would give a signal that members have wider concerns,” he added.
Walker also encouraged members to ask questions during the meeting and offered some draft questions.
These included:
- How was the PFS board informed of the appointment of four CII Execs to the PFS board?
- Do the member nominated and lay directors agree that replacing four “high calibre professionals” with four CII execs will “bring additional strength to the PFS board”?
- Please confirm that appropriate service level agreements between the PFS and the CII have been amended or put in place following the appointment of the CII ELT to the PFS board?
- Why are members not asked to vote on the appointment of CII directors?
- Will the board be asking the CII to commit to repay the remaining £8.9mn of outstanding intercompany loan immediately, or commit to a repayment schedule with appropriate fees and interest paid, to support the interests of PFS members?
Speaking to FT Adviser, Walker said there was currently a combination of anger and apathy amongst members.
“The CII are relying on apathy to carry these changes through, but those of us who are angry need to ask the rest of the membership to stand and speak with us,” he added.
The CII did not wish to comment.
alina.khan@ft.com
