CII dispute results in PFS spending £1m on legal and advice costs

The process of strengthening its governance functions was ‘interrupted'

Isabel Baxter
clock • 2 min read

The Personal Finance Society (PFS) has spent £850,000 on expert legal and financial advice as part of its ongoing board disputes with the Chartered Insurance Institute (CII), its results show.

Full-year results for the trade body published today (October 25) on Companies House, showed that total its operating expenses were £7.99m in 2022 - £3.2m higher than 2021 at £4.7m. Additionally, there was a £1.4m increase in consulting costs and £850,000 of this was spent on expert legal and financial advice. The PFS said this was required due to the "unique circumstances triggered by the CII's desire to begin mediation from July 2022". "The complex nature of these discussions required expertise to enable the board to navigate new territory," it added. The PFS board brought in ext...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

SJP partner practice Morrinson Wealth Management closes down

SJP partner practice Morrinson Wealth Management closes down

Advisers and clients have been transferred to Fortura Financial Partners

Isabel Baxter
clock 31 March 2025 • 1 min read
Fairstone reaches £20bn AUM as it looks to hit £40bn next

Fairstone reaches £20bn AUM as it looks to hit £40bn next

Consolidator eyes double AUM by end of 2030

Isabel Baxter
clock 31 March 2025 • 3 min read
Brooks Macdonald joins main LSE market

Brooks Macdonald joins main LSE market

Move will ‘enhance the group’s corporate profile'

Isabel Baxter
clock 28 March 2025 • 1 min read