Membership at the Personal Finance Society has slumped by more than 10% in the last six years, falling from a height of around 40,000 in 2020 to just below 37,000 now.
The latest membership figures (for the end of 2025) have been revealed in the PFS's Annual Report for 2025 published today.
The report showed membership numbers fell almost 2,000 in the past year from 38,703 in 2024 to 36,807 at the end of 2025.
It is understood that the membership decline has in part been blamed on a large number of members retiring following the Consumer Duty introduction. The figures are also believed to reflect a plateauing in adviser numbers across the profession, as seen in FCA data recently which showed a 15% drop in adviser firm numbers since 2021, although the FCA said that the number of advisers overall had remained steady at 31,000.
The declining PFS membership has had a negative effect on the PFS's membership revenue.
The report stated: "In 2025, the PFS experienced a decrease in the total number of members, ending the year at 36,807 members which is 1,896 fewer members at the end of 2025 than at the start of the year. As a result of the movement and mix in member volume, total membership revenue of the PFS for 2025 was £7.27m (2024: £7.66m)."
The report showed that membership climbed by more than 200 in the last six months to hit 36,998 at the end of June, but that included up to 500 free student memberships as part of the PFS's Pathway to the Profession scheme. Student membership grew by more than 400 in the six months from December 2025 to June 2026, climbing from 5,095 to 5,507.
The report highlighted that 477 members achieved Chartered Financial Planner status in 2025, a similar level to 2024's 498. While the number of new Chartered Financial Planners was slightly lower year on year, the total number of Chartered Financial Planners increased to 8,471 at the end of 2025, up from 8,392 in 2024.
The PFS said: "This commitment from members to push beyond the minimum regulatory qualification standards supports and aligns with the Society’s objective of improving consumer confidence and trust and demonstrates the Society’s strategic success in driving professional standards."
The PFS's revenue from event sponsorship (conferences, seminars and other training and professional activities) increased to £1.22m (2024: £1.05m). It said sponsored events incurred a financial loss to the society of £0.70m (2024: £0.15m).
The total financial result for the PFS in 2025 was a loss before tax of £27,000, an improvement on 2024's loss before tax of £660,000. The PFS says that despite the losses it remains a "financially resilient" organisation with £18m in reserves.
The PFS has been troubled by many changes to its board in the past few years. Trevor Edwards, the CII’s group finance director, left the board of the PFS in August 2025 after less than a year in the role.
PFS vice-president Daniel Williams, along with member director Ben Wright, resigned from the board in May 2025. Mr Williams, who had been on the board for less than two years, said he resigned over, “concerns about the culture and structure of the Personal Finance Society.” Mr Wright, who spent just over a year as a director, accused the PFS board of lacking, "independence and clarity of purpose."
PFS interim chief executive Don MacIntyre stepped down from his role in November 2024. His two years in charge saw him face a challenging time as head of the organisation and the role remains to be filled although two new PFS executive directors have been recruited.
The PFS is the Financial Planning-focused sister organisation to the London-based professional body Chartered Insurance Institute (CII). The PFS says it aims to drive professional standards in the financial advice and associated sectors and is the largest professional body for Financial Planners in the UK.
Its 2026 AGM will be held on Wednesday 23 September at The Belfry in Sutton Coldfield.