The Personal Finance Society has commissioned an independent review of its governance following criticism from parent body the Chartered Insurance Institute.

The Consumer Duty is set to come into force for new and existing products in July. Many firms will already be putting their customers first and be compliant with Consumer Duty but the cost-of-living crisis has underlined the importance to all firms of placing clients at the heart of their business agenda.

The Personal Finance Society board is to investigate complaints from parent body the Chartered Insurance Institute that it has made a number of governance failings.

Don MacIntyre, interim chief executive of the Personal Finance Society, has praised the “passion and strength of feeling” of PFS members following the conclusion today of its member consultation on its dispute with parent body the CII.