This has been a difficult week for the PFS at least in terms of news coverage. Citywire reports that the CII plans to deregister the PFS with it becoming much more of a subsidiary organisation.
The article notes big falls in revenue for the CII. There are suggestions that it may explain the recent departure of chief executive Keith Richards who is to be replaced with a chief membership officer.
Later in the week, former president of the Personal Finance Society (PFS) Adam Owen also stepped down from the board.
Of course, there are always rows and ructions in trade and professional organisations that can sometimes seem a little bizarre to those who don’t sit in the committee rooms concerned.
Yet at the same time, it does feel as if this a rather inopportune time for internal trouble and strife.
A lot of the regulatory stories we cover in this review suggest now is a time for change at the regulator. You could argue it would be a good time to have stability at the professional body as advisers seek reforms to the FOS and FSCS and FCA.
It may also be a good time to hear more from the CII about just what is going on and what it plans, because they do sound rather consequential.
Interesting piece in Money Marketing from Jon Yarker returned to journalism from PR pastures – can Brexit help puts MiFID’s house in order he asks. Lots of details about how the regulator is set to reform best execution and research rules with some scope for easing. The good in theory but not in practice 10% drop rule also looks set for reform. But nothing here on sustainability and suitability, which remains a significant gap in the rules.
Withdrawal levels from pensions dipped in 2021 according to the HMRC suggesting sensible behaviour, writes Financial Adviser.
LinkedIn has written a report suggesting how asset managers can influence fund managers to generate more business.
It would be interesting to hear advisers’ views on being 'influenced'.
