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 are demanding answers to questions about the money.

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

OurPFS group founder and Financial Planner Alasdair Walker FPFS told Financial Planning Today that there has been some “strong support” for the group’s call.

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 sent last week the OurPFS group said: “£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

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