The Personal Finance Society has refuted as “simply incorrect” claims that £10m is ‘missing’ from its funds.

Nearly 300 Financial Planners have signed an open letter to the Personal Finance Society (PFS) board calling for a probe into an allegedly ‘missing’ £10m in funds campaigners claim is being held by the Chartered Insurance Institute, the PFS parent body.

Members of the OurPFS campaign group of Financial Planners has called for an investigation into what it alleges is a ‘missing’ £10m in funds it says are being held by PFS parent body the Chartered Insurance Institute.

Alasdair Walker FPFS, the chair of the Personal Finance Society’s (PFS) Financial Planning (Power) Panel, has become the latest person to quit his PFS role.