Operating losses tripled for the Personal Finance Society in 2024 to £1.45m, according to annual accounts filed with Companies House.

Total losses (after tax) for the financial year ended 31 December were £662,000, a 642% increase to losses year-on-year (FY2023: £122,000 profit).

At the end of the year the PFS held £18.58m in total members’ funds (2023: £19.07m).

The PFS accounts also show that only four directors help office for the whole of 2024, Carla Brown, Michael Crane, Edward Grant and Daniel Williams. An additional 15 directors served on the board for part of the year.

Changes to the PFS board continued into 2025 with five directors leaving the board so far in 2025.

Trevor Edwards, the CII’s group finance director, was the most recent to resign from the board in August after less than a year in the role. He was appointed to the board last year on 30 September.

Mr Edwards departure was first announced in May after he decided to relocate closer to family members outside the UK. He joined the CII in 2019 as group finance director, having previously held senior finance roles in the financial services sector in the UK and Caribbean. 

PFS vice-president Daniel Williams along with member director Ben Wright resigned from the board in May.

Mr Williams, who had been on the board 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."

In April former chair Christine Elliot and Matthew Mallet quit as board directors.

Ian Callaghan became a new director in March along with two more new board members, Kate Gannon and Craig Palfrey, who joined the board on 3 March. They effectively replaced Liz Bastin who stepped down in December from the PFS board and Anthony Ward who stepped down in October.

Earlier this year President Carla Brown took on the additional role of chair to replace Christine Elliott, who left after only eight months.

PFS interim chief executive Don MacIntyre stepped down from his role in November last year. His two years in charge saw him face a challenging time as head of the organisation. He has yet to be replaced and there is no word yet on a timetable to replace him or if his role will be replaced.

Nine people are currently listed as PFS board directors: Carla Brown, President, Ian Callaghan, Michael Crane, Kate Gannon, Edward Grant, Matthew Hill, Debbie Mitchell. Craig Palfrey, Gill White. 

The PFS is the professional body for Chartered Financial Planners.