PFS members call for return of CEO role

However while members want the PFS leader role reinstated they want the PFS and CII to remain one organisation – rejecting calls for the PFS to be split off.

CII chair Helen Phillips said the professional body would use the findings in the coming months to develop a five year strategy for the body.

The views of members were revealed today when the Chartered Insurance Institute published key findings of its ‘Shaping the Future’ consultation which took place late last year. Some 1,149 members took part although this was only a fraction of the combined bodies’ 125,000+ membership.

According to key findings from the consultation members want:

•  Streamlined qualifications, modern assessment methods and the introduction of behavioural content providing the focus on technical knowledge is not diluted
•  A focus on raising public trust in the profession through the promotion of professional standards and increasing confidence that member misconduct will be addressed
•  A common strategy and clear purpose (and objectives) agreed for societies, local institutes and regional committees.
• A governance and operating structure that achieves greater economies of scale
• A ‘Professional Map’ that provides individuals and firms, both large and small, with clarity around the competences required of a professional and what development support is available to address any gaps. 

The consultation was carried out because of concerns raised by PFS members that the CII was trying to diminish its role and was aiming to de-register the PFS as a semi-autonomous body with its own board. The consultation also encouraged members and stakeholders to have their say to help shape the professional body’s future strategy and relationship with the Personal Finance Society (PFS). 

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According to the CII, the feedback showed a “preference” for the Personal Finance Society to remain part of the CII Group, with greater collaboration between the boards and a new leader empowered to raise public trust in the profession. 

There was a “consensus” on the need for a leader of the Personal Finance Society who could achieve effective engagement with the government, regulators and media. Keith Richards, previously CEO of the PFS, left the body last year after the CII made his position redundant.

Members said they also wanted to see “economies of scale” provided by a shared operational infrastructure, access to CII exams, Chartered titles, Statement of Professional Standing (SPS), Continuing Professional Development (CPD) from a renowned body; and being able to work together on common areas of interest, such as raising public trust and professional standards. These areas were all identified by Financial Planning professionals as reasons for remaining part of the CII Group. 

Helen Phillips, chair of CII Board, added: “Through the consultation feedback it is clear our members want the CII Group – societies, local institutes and regional committees – to work together. The boards of the CII and Personal Finance Society will together reflect on the views members have shared through this consultation, drawing on these to shape a future governance structure that delivers the economies of scale and the clear, shared purpose members have told us they want.”

She added: “In the coming months the CII’s Board will use consultation feedback to help inform the next five-year strategy for our professional body, so that we build on the long and proud history that underpins our Royal Charter to “secure and justify the confidence of the public” in the insurance and personal finance profession. 

“The CII’s leadership team, working with a colleague group, will begin prioritising and implementing those proposals for which the consultation has shown clear support from our members. We aim to share more information on the areas for immediate action in the months ahead.  We are committed to engaging with our members and our thanks go to everyone who shared their thoughts, needs and expectations by taking part.”

Sarah Lord, President of the Personal Finance Society, said: “The Personal Finance Society board would like to thank all members who contributed their views through the consultation; we remain focused on delivering the services that best meet the needs and expectations of our members, championing the value of professional advice and ensuring the best possible outcomes for clients. We also look forward to engaging with the Chartered Insurance Institute on common areas of interest that include raising professional standards and improving public confidence and trust.” 

The CII consultation with members took place from October to December 2021). Individual responses via the online consultation were received from 1,149 insurance and personal finance professionals. The bespoke programme of consultation events included: 47 Local Institute and Personal Finance Society regional committee events, attended by 347 participants; and 15 consultation webinars, attended by 550 members.

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