In a statement released this morning from member directors and co-opted advisers on the PFS board, PFS directors expressed their "severe" disappointment with announcements made by the CII just before Christmas.

In December the CII announced it would take majority control of the PFS board because of concerns over governance.

PFS member directors and co-opted advisers said in the statement today that the accusations of governance failings at the PFS were "not true."

The directors want a full survey of PFS members to assess their views, webinars to gather the views of PFS members and an EGM to be held before the CII consultation period with the PFS on its intervention ends on 19 January.

The full statement reads:

"As Member Directors and Co-opted Advisers, we want formally to express our severe disappointment with the announcements made by the CII just before Christmas. In particular we note that the comments made about governance failures and other failings by the PFS Board are not true, and not supported by any documentary evidence. We remain committed to making a success of a member-led professional body working in the interests of its members. The CII actions and false statements have made that much more difficult. 

"In our view, giving members a say is the right way forward, and we do not support the actions of the CII Board to subvert the PFS constitution, and seek to outnumber the democratically elected Board.  

"Our view is that the next steps should be:   

1. A survey to be issued to all members to enable the views of PFS membership to be gathered on the way forward 
2. A programme of webinars over the next couple of weeks to hear as many views as possible 
3. The calling of an Extraordinary General Meeting in accordance with the Articles of Association in the next two weeks 

"We will work to deliver this and urge all members to get involved and provide their feedback and view on their PFS before the end of the consultation period on 19th January 2023."

The CII has been asked for comment.