Members of the OurPFS campaign group of Financial Planners has called for an investigation into what it alleges is a ‘missing’ £10m in funds it says are being held by PFS parent body the Chartered Insurance Institute.

The group has today submitted an Open Letter to the Personal Finance Society board asking for a probe into the money and answers to its questions.

The group has set up a petition on its OurPFS website to call for the investigation.

Yesterday CII CEO Alan Vallance announced he would resign after 14 month at the helm to join the Institute of Chartered Accountants in England and Wales as its new CEO. There is no suggestion Mr Vallance has any connection with any 'missing' funds or has acted improperly.

The dispute centres over the long term use of PFS funds by parent body the CII.

The OurPFS group has been unhappy with the way the CII has handled its row with its PFS subsidiary over governance and strategy issues.

In its open letter the OurPFS group says: “£10M of funds that are constitutionally required to be used for the exclusive benefit of PFS members are missing, and despite asking for the better part of a year, nobody can tell me where they are.”

The Our PFS group has also raised a number of concerns with the PFS board and called for changes.

It wants:

• An immediate transfer of all PFS funds to an account in the sole name and control of PFS
• An undertaking not to allow PFS funds to be ‘re-charged’, or ‘re-addressed’, or invoices for ‘past adjustments’ to be accepted, on the basis that these could well be seen to be "fraudulent"
• If CII are unable to transfer funds immediately, as they should if they are acting as bona fide and competent trustees, to initiate proceedings for recovery of the funds via the courts
• Make immediate amendments to the articles of association to clarify the position of PFS funds in the event of wind-up and to protect the body against further threats from CII

In a message to OurPFS members today OurPFS group founder and Financial Planner Alasdair Walker FPFS writes: “Back in February, I wrote a letter to the PFS board. I felt it outlined the concerns of myself and other likeminded members and I asked for a reply, with the promise to publish the letter if none was received. A reply never came, and I was asked for a little more time, and not to publish.

“I mentioned the letter, and lack of response, at the recent PFS AGM last month and was, again, promised a reply. It has still not arrived. I am hoping that by publishing this letter and collecting signatures, I will spur the board into action. I really do think we can save the PFS, but it requires urgent changes to be made, and I believe it is in the best interests of all board members to push for these changes immediately.”

The PFS and CII have been asked for comment.

• The letter is available at https://ourpfs.co.uk.