The Chartered Insurance Institute and its subsidiary, the Personal Finance Society - the professional body for Chartered Financial Planners - have issued a joint statement today stating they have reached “an agreement in principle” on a range of disputes between the two bodies.

The two organisations - which collectively have 125,000 members - have been at loggerheads over a number of issues, including plans by the CII to ‘deregister’ the PFS, removing its separate company status, and axing the role of PFS CEO.

Earlier this year the PFS CEO role, previously held by Keith Richards, was reinstated following protests from PFS members.

The joint statement issued this afternoon by the two bodies says: “Following full, detailed, and constructive discussions, the Personal Finance Society (PFS) and the Chartered Insurance Institute (CII) have this week reached an agreement in principle on a range of matters. The progress has been aided by the appointment of new CEOs at both the PFS and CII. 

“There has been on-going dialogue and recent disagreements and both parties now agree that they have reached a point where they can collaboratively move past these. The collective aim is to be able to update CII and PFS members on the recommendations of both organisations’ leadership in the new year. 

“The PFS and the CII leaderships believe this agreement in principle will enable a positive forward-looking approach to serving all of their members.  The finer points of the terms are still being discussed and are therefore on-going and confidential.  Neither party will provide further details beyond this statement at this stage.”

Financial Planning Today has asked the CII for clarification and further details but understands that few further details will be released publicly.

In recent days some PFS members have accused the CII of blocking an independent review of the CII’s finances and relations between the two bodies have been tense.