The consultation closes in a few weeks time on 17 December.

In an exclusive interview with Financial Planning Today Magazine, Dr Phillips said the professional body needed to hear member views on the Personal Finance Society to help shape the body’s future strategy.

Dr Phillips did not rule out scrapping the CII's controversial deregistration plans for its PFS arm (effectively de-listing it as a separate company) but said members must make their views known if they wanted change.

The PFS board voiced criticism of its parent body last month as the review of both bodies’ future strategies got under way. 

The two organisations have been at loggerheads over CII plans to ‘deregister’ the PFS as a separate company to bring the two bodies closer together, streamline decision making and save on costs.

Both organisations are part of the 120,000 member CII umbrella group.

A number of PFS Past Presidents and other critics have declared their opposition to CII plans to deregister the PFS, a move that would effectively end its semi-autonomous status.

Some critics have also called for a completely independent PFS, no longer part of the CII.

Our Q&A with Dr Phillips in the latest issue of Financial Planning Today magazine covers the CII's pivotal consultation with members on the future direction of the CII and PFS.

To read the full interview, download a digital copy of the latest edition of Financial Planning Today magazine here. 

The latest issue of Financial Planning Today Magazine also reveals the tech 'heroes' that helped Financial Planners to 'slay' the Covid dragon.

• Financial Planning Today magazine is the only UK publication exclusively for Financial Planners and Paraplanners and is available in digital and print editions on subscription. Get 12% off the digital package option by using code '12SAVER'.