One of the leading Personal Finance Society rebel groups - OurPFS - has decided to “throw in the towel” after two years of campaigning.

The group, headed by Chartered Financial Planner Alasdair Walker, says the CII and PFS are in a “dire state” and there is little chance of improvement without radical change.

The Personal Finance Society (PFS) has been in crisis in recent months following a string of resignations including chair Christine Elliott.

Recently two more directors quit the PFS, including vice-president Daniel Williams and member director Ben Wright. Mr Williams said he resigned over, “concerns about the culture and structure of the Personal Finance Society.” Mr Wright accused the PFS board of lacking, "independence and clarity of purpose."

Last month PFS President Carla Brown took on the additional role of PFS chair to replace Christine Elliott, who left after only eight months in the role. PFS interim chief executive Don MacIntyre stepped down from his role in November. 

Mr Walker said he was “throwing in the towel for now” because he had run out of energy to continue fighting for change.

He said in a newsletter to members this week: “I still believe (as I always have), that the only way to develop our great profession is to have the representation of a truly independent professional body.

“I focused on the PFS because of the funding (let’s not forget, at the start of this saga PFS members had accrued member funds in excess of £20 million, which were being held hostage by CII under threat of “deregistration” of PFS as a professional body), and because of the membership. I felt it was the best hope for development of an independent body.

“In November last year, I laid out why and how I thought this could happen. At that point, I still felt it was a possibility. Unfortunately, I think that time has passed.

“I have simply run out of energy, and run out of belief that the board is able to act in the best interest of its members.”

“I still care deeply about the profession, and the role of an independent professional body within it. I have just run out of steam.”

He has asked fellow professionals who wish to carry on campaigning to do their best and get in touch with him. He has suggested members write to the remaining PFS board members.

He believes that the PFS board has been "flooded" with CII executives and the board now has only two member-nominated directors, Carla Brown and Kate Gannon, giving the CII executives a clear majority on voting decisions, in his view. He also believes the CII is in a financial shambles, wholly reliant on PFS revenues for its survival.

He added: “It appears to me that the CII chair, board and executives, have strung board-members on for long enough to make their positions untenable. Unfortunately, I cannot see this changing for as long as the CII board and executive remain in place in their current form.”

Mr Walker, a PFS and CISI Fellow, said he was now likely not renew his CII/PFS Fellowship and is reviewing his membership.

A spokesperson for the PFS rejected the latest criticisms from OurPFS. The spokesperson pointed out that the current PFS board has three CII executives among its 10 members and a further four members are CII appointees, who bring "significant and relevant expertise from across the Financial Planning and insurance professions," including a former President of the PFS. He added that half the PFS board were long-standing PFS members.

In terms of accusations of financial shambles, the spokesperson said: "The CII is in a healthy financial position, evidenced by its 2023 financial statements. It’s finances further improved during 2024 and these will be available for inspection by members ahead of its AGM in autumn. The PFS has healthy reserves which have always and only been for use in relation to PFS activities."

The CII/PFS said despite accusations from OurPFS of events and services for PFS members getting worse, the PFS was planning to announce in a few weeks a further range of activities, "that we believe will benefit members and the growth of the wider profession."