One of the leading PFS rebels, Alasdair Walker of the OurPFS campaign group, has welcomed the "clear message" the AGM protest vote yesterday has delivered to the PFS and parent body the CII and said the future for the PFS now looks "more positive."

He said that the vote sent a clear message to the newly appointed CII/PFS directors that members wanted change.

He plans to write to members of his group to "paint a more positive future picture, in light of comments by Matthew Hill (CII CEO) at the AGM that the PFS could become an independent body."

Mr Walker told Financial Planning Today, however, that the AGM highlighted some potential governance concerns at the CII executive level.

He said that reported comments by Mr Hill at the AGM that a PFS-employed permanent CEO was not an option were "particularly troubling" as Don MacIntyre (the previous interim PFS CEO who resigned last week) was initially employed directly by the PFS as its CEO.

He added that Mr Hill also appeared to confirm that the PFS board had not been consulted over proposed changes to Corporate Chartered membership.

Mr Walker, a Chartered Financial Planner, added: "Although Matthew Hill confirmed that CII-appointed directors would recuse themselves from decisions and votes where their dual-offices led to a conflict of interest, this remains to be seen over sensitive financial matters like the CII 'recharge.'"

He also said that the CII was apparently unaware of the risks the PFS faced in potentially losing its mutual status, as the majority of the board was no longer member-nominated. This could have "grave tax consequences for the body", he claimed. 

The PFS is to begin a major consultation exercise with members after they unexpectedly rejected two key motions at the AGM in Manchester yesterday. Campaigners, including OurPFS, had called on members to vote agains the motions to register a protest.

The protest vote at the AGM, on the eve of the PFS National Conference today, took the PFS board by surprise but PFS directors have promised to engage with members to find a solution to their concerns.

PFS President Carla Brown told Financial Planning Today that the PFS board would soon launch a major consultation to understand why rebels voted against two key motions at the AGM.

In an unexpected move at the AGM, motions to accept the Report and Financial Statements for the society and reappoint the auditors were not passed.

Rebel members of the PFS have been campaigning for a protest vote from members to express their dissatisfaction with the way PFS parent body the CII runs the PFS.