The Chartered Insurance Institute board has shelved, at least temporarily, any plans to deregister its Chartered Financial Planner-body, the Personal Finance Society, until the results of a major review are known next year.

In an exclusive interview with Financial Planning Today published today, CII CEO Sian Fisher said the CII board had “committed not to make any decisions about the PFS” until the consultation was complete.

The CII has been under fire from PFS members, including a number of Past Presidents, for plans to deregister the PFS as a separate company and bring the organisation much closer into line with the CII.

The CII plans a major consultation initiative over the next few month with its 125,000 members, with Ms Fisher and other senior CII figures meeting with members, local institutes and regional committees to seek detailed feedback on the plans and the future direction of the CII. 

In the Q&A with Financial Planning Today, Ms Fisher reiterated her apology about the communication of the PFS plans and apologised for any “anxiety or confusion” caused to members. 

She said she also regretted using the word “deregistration” in connection with the PFS plans.

She stressed: “We never intended “deregistration” to be confused with wishing to disband the Personal Finance Society. In fact, our intention is the exact opposite: the proposal is about unifying the governance structure of the CII to ensure we work together to deliver on our purpose. The proposal is wholly administrative and would have no impact on the product, services or benefits we currently offer PFS members.  I recognise that this has not been well communicated and I am sorry for any anxiety and confusion caused to members.

But she added: “Unification would not have compromised the benefits members receive from the Personal Finance Society nor the number or quality of CII Group employees who are committed to supporting Financial Planners.”

She revealed that about 100 PFS members were involved in urging their peers to vote against motions at the AGM, “rather than talk to us about their concerns and work with us.”

The new consultation, with all 125,000 members of the CII including 40,000 PFS members, will aim to “understand their priorities, share our vision for the professional body and learn where we need to develop to best meet their needs.”

She said the consultation with members due, to start in September, will be broad and deep.

She said: “The breadth and depth of this consultation reflects my personal commitment for the CII Group to understand and address the priorities and needs of Personal Finance Society members. In the next few months, members will be invited to attend Local Institute and Regional Committee meetings and speak to me, the professional body’s management team and members of the board directly. 

“We will formally consult with Financial Planners later this year to seek their views on the vision for the Personal Finance Society and the CII Board has committed not to make any decisions about the PFS until this is complete. Next year we will share with Personal Finance Society members how we will use their feedback to improve what they receive from us.”

She added that the CII was strongly committed to the PFS despite critics suggesting it wanted to weaken the organisation's autonomy.

She said: “The Chartered Insurance Institute has fully supported the growth of the Personal Finance Society and we are immensely proud of our largest body, using it as a model to create our Insurance Societies and relaunch the Society of Mortgage Professionals. I hope members now clearly understand the CII Group’s commitment to the Personal Finance Society and how the support offered to members, and work to raise the profile of the profession, has always been conducted by and is at the heart of the CII Group.”