January 9
• Alasdair Walker, chair of the PFS’s financial planning panel, resigns after being "disturbed" by recent CII actions.
• Vanessa Barnes, a member director of the Personal Finance Society, hits back at CII allegations, citing the letter from the CII to the PFS president last July about appointing a majority to the latter’s board unless issues were resolved was a “veiled threat” and “deliberate intimidation and bullying” of the PFS board.
• Barnes also reveals part of the disagreement stems from a bank loan, for which Barnes said the CII had placed “unreasonable pressure” on the PFS board to act as a guarantor and citing CII’s three failed attempts to gain control of the PFS by winding it up in 2017, 2019 and 2021.
January 6
• Caroline Stuart resigns as PFS president.
January 5
• PFS member directors and co-opted advisers to the board say claims of governance failures made by the CII were not true, but the CII is sticking to its claims.
December 30
• PFS interim chief executive Don MacIntyre announces that the board will be “meeting early in the new year to consider its response to action taken by the CII on December 21”.
December 23
• Members of the PFS hit back at the CII after its emergency general meeting was rendered “inquorate” due to insufficient CII appointed directors, leading the institute to accuse the PFS of “another contravention” of board confidentiality.
December 22
• Advisers and PFS express shock amid CII takeover.
December 21
• CII announces it is taking control of PFS board amid"failed mediation".
