Mr MacIntyre said the damaging “impasse” between the two organisations must end and a compromise reached for the good of both organisations.

Mr MacIntyre issued a statement today following a live online PFS webinar at lunchtime to discuss the dispute. Nearly 800 members registered for the webinar, he said.

The CEO added that almost 2,000 PFS members had written to him to share their concerns about the CII's move and feelings were running high.

He urged the CII to get round the negotiating table to resolve the dispute.

He added that his priority in the months ahead was to bring stability back to the PFS and develop a plan to move past “this period of turbulence.”

He said: “This impasse has to stop as it is clearly doing damage to both the PFS and CII. I and the PFS board have the organisation and its members’ interests at its heart.

“I want to sit down with the CII, to negotiate, consider the impact for both organisations and reach a compromise that finds a solution, having heard what members have to say. Ultimately, I believe there is a solution that can still be found and our members would expect nothing less than for us to do all we can to reach it.”

The PFS has been given an extra week by the CII to consult members. A number of consultation are planned and the PFS is also carrying out a survey.

The CII wants to appoint a majority of directors to the PFS board to take control. It is concerned about alleged governance failings at the PFS, an allegation the PFS refutes.

Mr MacIntyre’s statement in full: “Today, PFS members had their first direct opportunity to air their views in response to the CII decision to appoint three new institute directors to the PFS board. There will be others between now and the 27th of January, including responding to the ongoing survey or contacting me directly. I am pleased that nearly 800 of our members were registered, reflecting their strength of feeling and passion for the PFS and this challenging situation. Since the CII announced its decision at the end of last year, it has been vital for me and the PFS Board to ensure members’ voices are heard. I know from the almost two thousand members that have written to me that there are significant concerns about what this action by the CII will mean for their organisation, many of which I share. The deadline for the consultation has been extended to 27th January to enable more members to be heard. I continue to urge all PFS members to make their views, insights and concerns clear to me via the survey. The more members I hear from, the stronger the message I can relay for the PFS to the PFS and CII Boards on your behalf.

"My priority in the weeks and months ahead is to bring stability back to the PFS and develop and deliver a plan to move past this period of turbulence. The risks and challenges arising from the decision to act by the CII and the subsequent situation is not in the best interests of the PFS. This impasse has to stop as it is clearly doing damage to both the PFS and CII. I and the PFS Board have the organisation and its members’ interests at its heart. I want to sit down with the CII, to negotiate, consider the impact for both organisations and reach a compromise that finds a solution, having heard what members have to say. Ultimately, I believe there is a solution that can still be found and our members would expect nothing less than for us to do all we can to reach it.”