The troubles came to a head in December 2022 when the CII announced it was taking control of the PFS board amid "failed mediation".
'As previously reported, this led to members of the PFS board hitting back at the CII after its meeting was rendered “inquorate” due to insufficient CII appointed directors, leading the institute to accuse the PFS of “another contravention” of board confidentiality.
Since then, there have been exits and appointments at the group.
In October, FT Adviser delved in to what had been spent on trying to resolve problems between the two bodies.
In its full-year results ending December 31 2022, the PFS reported total operating expenses of £7.99mn in 2022, of which £0.85mn was towards expert legal and financial advice on the back of the CII saga.
The accounts said the spend on expert legal and financial advice was "required by the unique circumstances triggered by the CII's desire to begin mediation from July 2022".
This news led to members of the PFS signing an open letter to the board outlining their concerns and calling for all PFS funds to be transferred to that organisation's control.
sonia.rach@ft.com
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