Update from our Chair and interim CEO
PFS Annual report 2023
I am pleased to introduce the PFS Annual Report 2023 — a year of transition. The focus on PFS governance in 2023 enabled us to both strengthen our governance processes and begin to bring them up to date. During the year, we were also active on Member Director recruitment and assembled a full complement of Member Directors, plus a Board with an increased diversity in the way it thinks and acts.
This document complements the detailed statement covering the organisation’s financial performance in the year contained in the accompanying PFS Report and Financial Statements 2023.
Governance is comprised of two parts — the hardware and the software. The hardware is the necessary documentation and the golden thread that runs through decision making at Board level. The software is the relationships that are in place within that Board and between that Board and its parent company. Our focus is to operate both in the interests of our members and those of the CII Group and I believe these are now better aligned as a result of the changes that have been made.
During my time as Interim Chair, my colleagues and I ensured a relentless focus on the interests of our members, and at every Board meeting we covered our actions for members since the last period. These included a reconfigured events programme which has been attracting record numbers, and the work that we’ve been doing on the Consumer Duty resource toolkit for members.
The Board and I commend the commitment, energy and expertise of Don MacIntyre, our Interim Chief Executive Officer, and also the colleagues from the CII with whom he has successfully worked to deliver for our members, including events such as the superb graduation ceremony in November 2023.
Overall, the PFS continues to be a financially resilient organisation dedicated to working in its members’ interests and managing its money well, in exactly the same way that our members do for their clients.
Christine Elliott
Interim Chair
Don MacIntyre, Interim CEO, reflects on the successes of 2023 and shares plans for 2024 and beyond.
The ever-evolving global landscape continued to reshape the financial services sector in 2023, with shifting regulatory frameworks and economic uncertainties testing the resilience of personal finance professionals. Change has been the defining theme for the PFS at an organisational level too.
The changes within the PFS Board demanded unwavering patience, focus and unity. Our new Board wholeheartedly shares a singular vision for the future and brings a diversity of backgrounds and expertise that will play a pivotal role in driving positive change.
Our commitment to reinvigorating our focus on our membership remains unstinting. The steps towards this goal we have taken in 2023 fall broadly into two categories: supporting our members with navigating regulatory changes in tangible ways; and the development of an event offering that is more relevant to our members’ needs.
Consumer Duty: We have designed a toolkit to help our members manage the change necessary to comply with the FCA’s Consumer Duty requirements. Firstly, by identifying, understanding, and bringing a more intuitive language to the Duty itself and those areas that directly apply to the advice profession; and secondly, through the development of Proficiency+, a product that allows members to self-evaluate, identifying training where it’s most needed and provide evidence of compliance to the FCA. Our Consumer Duty Toolkit has been downloaded more than 6,400 times.
Member-centric event offering: We have worked hard to understand what our members want and used their insights to redesign and improve our portfolio of events. The result is events at five locations across the UK on a series of topics including budget, AI, technology and sustainability. The events were made available in a multi-stream format offering a choice of content for everyone across the financial planning community — from advisers and paraplanners to compliance specialists and those in back office roles. These “technical masterclasses” were balanced with skills development, career pathway workshops and interactive good practice development sessions. We had 3,000 registrations for the first series of these events, with an average speaker rating of 4.6 out of 5, and 98% of attendees confirming that they would attend similar events in the future.
We remained steadfast in our commitment to improving operations and hosting regional events. We witnessed the return of the PFS Officers’ Conference, the prestigious Personal Finance Awards — hosted by TV and radio personality, Claudia Winkleman — and we concluded the year with a highly successful Annual Conference in Newport, Wales.
Our priority themes for 2024
Our priorities for 2024 are in line with the outputs of the strategic review we published in 2023.
Thought leadership: In 2024, thought leadership takes centre stage. We aim to elevate the voice of our members with initiatives and platforms that enable members to share their expertise and influence the financial services sector positively.
Stronger representation with the FCA: Building a stronger relationship with the Financial Conduct Authority (FCA) continues to be a top priority. Our efforts will focus on promoting a constructive dialogue that benefits both our members and the regulatory landscape.
Finance services professional body partnerships: Strengthening partnerships with other professional bodies within the profession is hugely important. Collaborations will allow us to create a more comprehensive and interconnected support network for our members, advancing the profession and better serving their evolving needs and potential changes ahead.
Profession development: We will support the growth of our profession by actively engaging with educational institutions, attracting new talent and promoting the value of financial planning as a rewarding career path.
Value of advice: We are committed to growing the profession and improving its standing with consumers. We will deliver initiatives aimed at raising public awareness and understanding of the value that financial planning professionals bring to individuals and families.
Regional events: We will enhance our regional events, creating more CPD opportunities and combining the need for strong technical content with a focus on the development of soft skills, which are so critical to client relationships and, ultimately, business growth.
CPD development and infrastructure investment: CPD remains a cornerstone of our offer. Investment in infrastructure and technology will deliver a seamless CPD experience, making it easier for members to stay at the forefront of their profession. In addition to technical expertise, we recognise the growing importance of soft skills in the financial planning profession. We will expand our CPD offer to include soft skills development, ensuring members have the interpersonal and communication skills necessary to excel in their role and provide exceptional service to clients.
Member benefits: Membership is not just about receiving support, but also enjoying an array of benefits that add value. In the coming year, we will introduce several member-centric initiatives designed to enrich professional journeys.
I would like wholeheartedly to thank all our volunteers in the network of PFS regions for all their help during the year. Each region is run by a dedicated group of members who are essential to maintaining the future growth and professional standing of the Society. Each region will typically provide a programme of CPD seminars, social and business networking events, guidance on exam techniques, volunteering opportunities and much more. Without their tireless support, the PFS simply would not be able to operate.
All our members uphold the status of the PFS as the pre-eminent membership body through their dedication to the highest standards and it is our privilege to represent and serve the very best of the profession.
I am proud to say that the journey of change and transformation that we went on in 2023 has left us well-placed to deliver all the elements that our members require in the years to come, and thereby to build public trust.
Don MacIntyre
Interim CEO
