The PFS board is sending a letter today to rebel members who voted to reject two key motions at this week’s AGM in a shock result.

The board says it is aiming to "understand" why rebel members voted against two motions.

On Monday, members voted not to accept the Annual Report and Accounts and the reappointment of auditors Crowe UK.

The shock vote was part of a campaign by PFS rebel members to highlight their unhappiness with the way parent body the CII runs the Personal Financial Society which has 40,000 members and runs the Chartered Financial Planner qualification.

Christine Elliott, chair of the PFS board, said: “It is important for the PFS board to understand the reasons why those members who voted, voted against these items, so that appropriate action may be taken.

“It is particularly important to understand the reasons for the votes in relation to Item 2, as this vote renders the position of the auditor of the PFS as vacant, thereby triggering the need to appoint an auditor as soon as possible to allow the PFS to fulfil its requirement to file audited accounts in line with Companies House deadlines in 2025.

“The PFS board intends to consider the information it receives at its board meeting on 4 December, to inform its next steps. The outcomes will be communicated to all members before Christmas.” 

The PFS will be writing to 245 members, some 200 voted against both Items 1 and 2 and 32 voted against Item 1 (but not Item 2). Some 13 voted against Item 2 (but not Item 1).

The two AGM votes were:

Item 1. That the Report and Financial Statements of the Society for the year ended 31 December 2023 be received and considered.

Votes For: 177 (43.3%)

Votes Against: 232 (56.7%)   

Item 2. That Crowe U.K. LLP be reappointed as Auditors of the Society for the financial year ending 31 December 2024 and that the directors be authorised to agree their remuneration.

Votes For: 191 (47.3%)

Votes Against: 213 (52.7%)