Two Member Directors – Vanessa Barnes and Gordon Wilson – resigned from the PFS Board this morning. Alan Vallance, Chief Executive of the CII Group and Don MacIntyre, interim CEO of the PFS, have issued the following statement in response.
Joint statement from Alan Vallance, Chief Executive of the CII Group and Don MacIntyre, interim CEO of the PFS:
“The PFS Board has today accepted the resignations of Vanessa Barnes and Gordon Wilson and we thank them for their service over many years. The remaining members of the PFS Board met today to approve the appointment of new interim Member Directors, pending the outcome of a formal recruitment process that will begin immediately. Their appointment will ensure that the PFS Board can meet in quoracy and immediately resume serving our PFS members, including investing the PFS reserves in ways which best serve PFS member interest including compliance with meeting the FCA’s Consumer Duty regulations. As has been repeatedly stated over the past 12 months, there is no intention or value in deregistering the PFS. Ensuring good governance is in place across the Group has always been our priority, and the CII will continue to support the actions the PFS Board considers necessary to ensure compliance with corporate governance best practice. We look forward to the PFS Board now channelling all its energy and resources into building a strong future for PFS members.”