The CII has seen off an attempt to pass a series of motions designed to significantly change the direction of the organisation and its relationship with the PFS.
As FTAdviser reports, there were six resolutions tabled at the June 30 AGM, including the contested re-appointment of BDO as auditors and the authorisation of the board to fix their remuneration as the board thinks fit.
However the real intention behind the rebellion, involving past CII, PFS and Sofa leaders, was to stymie plans for the CII to deregister the PFS.
The votes were lost at the CII AGM though no figures for the size of the rebellion supplied. The PFS board continues to resist deregistration. The crux would be seem to be whether the CII can steamroller any changes it wants through in any case. Perhaps one of the lawyers?
The CII’s Sian Fisher has apologised to PFS members for miscommunications regarding the process but advisers remain unimpressed with the thrust of the whole project.
It feels as if a breakaway may still be on the cards.
Google is to tighten its rules on scams under pressure from the FCA reports Sky News.
From 6 September, firms advertising investment services on the tech giant's platforms will be required to show that they are authorised by the FCA.
The FCA does not sound overly impressed but, well, it’s a start.
This should interest advisers who use the Parmenion platform (and perhaps those worried about replatforming elsewere). Martin Gilbert’s investment vehicle AssetCo has acquired 30 per cent of Parmenion Capital for £27.8m. Nice to have a figure so advisers can get a feel for what platform businesses are worth.
