The Personal Finance Society (PFS) has said its board will meet early in 2023 to discuss its response over the Chartered Insurance Institute (CII) three director appointments scandal.
The move was seen by ex-PFS presidents as “harmful”, “deeply cynical” and “aggressive”.
Currently the PFS board is made up of five PFS and two CII directors. The institute said the move will “equalise” the board of its subsidiary.
Don MacIntyre, interim chief executive of the Personal Finance Society, said: “The PFS board will be meeting early in the new year to consider its response to action taken by the CII on 21 December, namely the appointment by the CII of additional institute directors to the PFS board so that it is now made up of equal numbers of member directors and CII appointed institute directors and a notice that it intends to increase the number of CII institute directors.
“Under the PFS’ articles of association, the PFS has 30 days from the date of the notice (until 19 January 2023) to consult PFS members on this change of control and consulting PFS members will be the urgent priority of the newly constituted PFS board.
“Members wishing to express their views about the actions taken by the CII in advance of the board consultation can write to me at email@example.com.”
The three incoming directors are:
- Sarah Howe, former chief executive of Harpenden Building Society and ex-independent chair of the consumer panel at Openwork;
- Neil Watts, former board member of the Office of the Qualifications and Examinations Regulator (Ofqual) and complaints committee member at the Independent Press Standards Organisation (Ipso); and
- Azlina Bulmer, former director of international at the Royal Institute of British Architects, current associate non-executive director at Harrogate and District NHS Foundation Trust and existing CII membership and engagement director.