CII posts surplus as PFS reports operating loss

First time PFS has seen operating loss since 2008

Jen Frost
clock • 3 min read

The Chartered Insurance Institute Group (CII Group) reported an operating surplus of £1.39m for 2023, as the Personal Finance Society (PFS) saw an operating loss for the first time since 2008.

While the Chartered Insurance Institute (CII) made an operating profit of £750,000, the PFS reported a £327,000 operating loss. CII Group total comprehensive income was £1.8m, according to its annual report. Both arms of the CII Group saw member numbers fall last year. The CII had 82,085 members in 2023, down 2,141. PFS member numbers stood at 39,665, a fall of 367. The body is reviewing its membership proposition and is aiming to deliver a "renewed service" by 2025, according to its annual report. During last year, the CII Group resolved a "historical" tax matter with HM Revenue & Cu...

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

Jen Frost
Author spotlight

Jen Frost

Editor at Professional Adviser

More on Your profession

Robo advice 2.0 (or how to resist the temptation of a marshmallow)

Robo advice 2.0 (or how to resist the temptation of a marshmallow)

'Timely financial advice changes lives'

Roger Brosch
clock 17 October 2024 • 4 min read
In view: Plotting PFS change

In view: Plotting PFS change

From first operating loss since 2008 to sponsorship, board and revenue changes

Jen Frost
clock 17 October 2024 • 6 min read
AJ Bell platform AUA up 22% in 12 months to £86.5bn

AJ Bell platform AUA up 22% in 12 months to £86.5bn

Advised client number increased by 12,000 to 171,000

Jenna Brown
clock 17 October 2024 • 2 min read