“Those serving the PFS members, whatever their background, would do well to understand they are not a monopoly and to focus on members first, after all they are supposed to be a professional members body in the finance sector.”
Values no longer aligned
Some members of the PFS have been left feeling disheartened after the most recent news.
Richard Fyfe, chartered financial planner at Fyfe Financial said it’s just another episode “in a rather depressing story of failure at the CII”.
“There’s not much that the CII can do in this instance with Vallance having links to ICAEW but on the back of what’s been going on between the CII and the PFS over the last few years it just seems like another blow to a professional body we were already losing faith in,” he said.
He added: “It really felt like the PFS were finally ‘getting’ financial planning and what it’s all about. It feels like it’s all being wasted.
“We’re a Chartered firm so will stick with the CII but there’s no enthusiasm there.”
“You’d got all these amazing people giving up their time to promote the PFS within the profession and the way they were treated by the CII was disgusting,” he added.
“I just feel disillusioned with it all.”
Likewise, Dom Spalding, director and chartered financial planner at Expert Wealth Management said he doesn’t know enough details but as a long standing CII/PFS member, he is “deeply saddened by the events”.
He said Walker's letter indicates there has been misuse of member funds.
“If this is true, the CII/PFS board needs to be held to account,” he said.
“As a director of Expert I can say that we are now actively discussing whether we continue with our chartered firm designation, PFS membership and CII as our SPS supplier.
“We feel that the CII values are not aligned to our own.”
In the most recent PFS results, it 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.
Further action
PFS members, who signed the open letter, argued that legal or regulatory action could be needed in this case.
Eileen Murphy, managing director of Informed Training, said she was disappointed with the support so far, and said if Walker’s letter is accurate, it is “hugely unprofessional” and questioned if what is going on is even legal.
“It is absolutely appalling, disgraceful behaviour by the CII board and I am surprised they are allowed to act in this way,” she said.
