The boards of the 120,000 member Chartered Insurance Institute (CII) and its subsidiary the Personal Finance Society (PFS) have held a joint meeting this week following the latest in a wave of resignations to hit the PFS.
Further joint meetings are planned as the bodies aim to stabilise the crisis-hit organisations.
In a joint statement issued after the meeting this week, Dr Helen Phillips, chair of the CII Group and Carla Brown, President of the PFS, said they were committed to, “writing a new future for the PFS as it continues to be part of the CII Group.”
Their joint statement appears to rule out any move to spin off the PFS as a separate organisation.
Both have promised to listen to "input" from members in the coming months as they seek to find a way forward.
Rebel members of the PFS have been at loggerheads with the CII, the parent body of the PFS, for two years over its future and the use of PFS reserves. Some members have called for an independent PFS.
Last week two more directors quit the PFS including vice-president Daniel Williams and member director Ben Wright. Mr Williams said he resigned over, “concerns about the culture and structure of the Personal Finance Society.” Mr Wright accused the PFS board of lacking, "independence and clarity of purpose."
Several other directors have quit in recent months including PFS chair Christine Elliott. Last month PFS President Carla Brown took on the additional role of PFS chair to replace Christine Elliott, who left after only eight months in the role.
PFS interim chief executive Don MacIntyre stepped down from his role in November.
According to Companies House records, the PFS has experienced a rapid turnover of directors in recent times with at least 19 appointments or terminations of directors in the past 12 months.
Despite the resignations, PFS board President and chair Carla Brown has voiced her support for the two bodies to work closer together and for the PFS to remain part of the CII.
The full statement released after the joint board meeting, which took place on Tuesday (20 May):
Dr Helen Phillips, Chair, CII Group and Carla Brown, President, PFS: “It was wonderful to hold a joint Board meeting of CII Group and PFS Board members on Tuesday 20 May, bringing together all who serve our professions with such dedication and passion. It provided an opportunity to get to know each other better and to discuss how we will work ever more closely to inspire and support our 120,000 members across the insurance, financial planning and mortgage advice professions around the world.
"We are committed to writing a new future for the PFS as it continues to be part of the CII Group, equipping, educating and unifying professionals in ways that give our combined voice greater resonance to inform and influence policymakers, regulators and other stakeholders, and ultimately achieve our overarching mission and benefit societies globally.
"We will be holding many more of these meetings in future, as we discuss and set our plans for 2026 and beyond, taking input from our members along the way. In the meantime, we have some terrific events coming up for CII and PFS members over coming weeks, where we and other Board colleagues look forward to meeting and speaking with as many members as possible.”