Nearly 300 Financial Planners have signed an open letter to the Personal Finance Society (PFS) board calling for a probe into an allegedly ‘missing’ £10m in funds campaigners claim is being held by the Chartered Insurance Institute, the PFS parent body.

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.

Chartered Insurance Institute CEO Alan Vallance has resigned after just over a year to become the new CEO of the Institute of Chartered Accountants in England and Wales (ICAEW).

The Personal Finance Society was hit by soaring costs in 2022 as it spent heavily on legal and consultancy fees during its row with parent body the Chartered Insurance Institute.