PFS announces independent governance review

The report is due by the end of this month

PFS announces independent governance review

Insurance News

By Mia Wallace

The Personal Finance Society (PFS) has today announced an independent governance review. In a release, the association noted that the review, which will be conducted by Integrity Governance, will look to provide an ‘objective, independent assessment’.

The review will cover the PFS CEO’s role, the PFS Board’s operations and structure and advice provided to the board by both the Chartered Insurance Institute (CII) governance team and other relevant CII advisors. In addition, it will examine the PFS Board decisions taken as a result of this advice.

Finally, the review will, ‘set out recommendations for how PFS governance structure and operations can be further strengthened going forward.’

It is due to be reported by the end of this month.

Commenting on the review, PFS interim CEO, Don MacIntyre, said “Given the current challenges between the PFS and CII, the board believed it important to instigate such a review and I can now confirm this is underway.”

MacIntyre noted that this process, along with ongoing dialogue with the CII, represents an important next step in the safeguarding of the PFS’ long-term future. He stressed the importance of the PFS having the strongest possible governance structures to ensure that its executive team and board are making key decisions and undertaking key actions that are in the best interests of the association’s members.

He added: “I am firmly of the view that this will be achieved by a thorough, impartial review-process led by the expert, experienced and highly skilled professionals at Integrity Governance who can provide high-quality advice free from history or bias.”

The upcoming review is the first independent assessment of its kind undertaken by the PFS. It follows a more recent change to the governance initiated by the CII, following its decision to appoint three new Institute Directors to the PFS Board in December late last year.

The PFS Board will be presented with Integrity Governance’s findings and recommendations by the end of April. Upon completion of the review, the board will communicate with the membership on the next steps.

“I appreciate that PFS members have concerns about the future of their organisation, following the turbulence of recent months,” MacIntyre said. “I am confident that the findings and suggestions of this review will help allay those concerns and allow me to build a leadership structure that is fit for modern membership body.”

The review follows an extensive consultation of PFS members, conducted in January of this year the findings of which have been reviewed by the PFS board and presented to the CII board. The PFS board will await the CII board’s response to the consultation and the governance review, with the final phase of this work to be presented to both boards in April.

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