Why

Hear from our original signatories on why this needs to happen

Rob Reid – Past President PFS

Listen now:

Thank you for clicking through to this particular site. My name is Rob Reid. I’m a past president of the PFS and also past chairman of the Society of Financial Advisers, the organisation that merged with the LIA to become the PFS.

Recent events have made it clear that it’s time with PFS reconsidered whether it will not be better served by being completely independent of the CII. But to actually formulate long term plans takes time and some planning.

To try and stop the CII pushing on down the road and they’ve set themselves on we think it’s important that we actually give them that time to pause, by putting in place a substantial rejection not just through the PFS by turning down their proposal, but through us voting against some key elements of the AGM.

Now in due course, after some statements from a variety of people who have been senior and very, very involved in the development of PFS over the years we will be taking you through the various elements of the voting process so that it’s as easy as possible. I now have pleasure in handing over to the rest of the team, who will explain why they think this is equally important.

-Rob Reid, Past President PFS

Carole Nicholls – Past President PFS

Listen now:

Over the years many of you have distanced yourself from the CII, as have most of you I’ve probably never voted at an AGM.

However, now is a moment to engage and make your vote count.

For the PFS, I would ask you particularly to consider voting on a matter of the accounts or the appointment of the auditor.

The votes for the personalities are entirely a personal choice.

-Carole Nicholls, Past President PFS

Brian Steeples – Past President PFS

Dear Fellow PFS members, I am sure likely you will be very concerned about the recent attempts of the CII General Insurance body to de-register the Personal Finance Society as a limited company and to be able to use the PFS revenues and assets to support his general insurance operations.

To be clear, the PFS is a limited company – that is a company limited by guarantee, and its revenues and assets are not some sort of CII piggybank to be raided whenever the general insurance finances are in need of a boost.

When the PFS was set up, it was done so as a separate limited company in order to ring fence and protect the PFS revenues and assets so that they would be used for the benefit of you, the PFS members, not the general insurance members.

With the CII de-registration attempts in mind, I believe we should have an independent audit of the CII accounts and CII operations.

There are many PFS members who feel the same way and so I am saying two things:

Number one, I will be voting against the approval of the CII accounts and the reappointment of the CII auditors at the upcoming CII AGM. I will do this by proxy from the comfort of my laptop.

And number two, I’m calling on you and all of the PFS members to do likewise, so that we can be clear that PFS revenues and assets have been properly used for the PFS members’ benefits.

So please do take the time to vote by proxy against the approval of the CII accounts and against the approval of the reappointment of the auditors.

Thank you and me you and the PFS, flourish and prosper.

-Brian Steeples, Past President PFS

Sharon Sutton – Past President PFS

It seems that since our original research and decision in 2017 against deregistering, personal finance society, nothing has changed.

The current PFS board deserves to be valued, trusted and empowered. The CII executive may say they’ve done this, but their actions have been entirely opposite.

Yes, the structure of the CII board has changed. But with the latest unrest, are they clear on the risks? Where is the PFS voice?

Good governance calls for a change in auditor. It’s time to vote down the accounts and time to request an independent audit.

Make your vote count. Thank you

-Sharon Sutton, Past President PFS

Grant Scott – Past VP CII and Local Institute Liaison

The issues which the PFS have experienced in their dealings with the CII, are part of a change in approach which is not positive for local institutes either.

I urge all members to vote and I support Robert and the past presidents of the PFS (and past chairs SOFA) in their recommend voting strategy.

-Grant Scott – Past VP CII and Local Institute Liaison

Nick Bamford – Past Chair SOFA

When the Society of financial advisors and the Life Insurance Association merged together, it was known and accepted by all parties involved, including the Chartered Insurance Institute, that the newly formed Personal Finance Society would be a body independent from the CII.

The aims and goals of the PFS were and should always be about enhancing the professional careers of its members.

The finances of the PFS have been built on the provision of services to PFS members: financial planners, advisers, and other professionals within the financial planning community.

These finances should not be used for the benefit of General Insurance members of the CII.

In my opinion, the CII has not communicated any tangible benefits to the PFS members of a de-registration of the body.

-Nick Bamford, Past chair SOFA