First posted on 26th November 2021
Hi.
This is the first time I have written to you since you signed up to the ourpfs.uk website. I hope you don’t mind. I will try and keep emails to an absolute minimum, but if you would rather unsubscribe, please hit the link at the bottom of the email.
The reason for the email is straightforward. James Fitzgerald at New Model Adviser has uncovered a plan for the CII to seek business-as-usual funding from their own independent education charity. Excerpt follows:
The chair of an educational charity has said he felt uncomfortable after Chartered Insurance Institute (CII) executives enquired whether charity grants could be used to fund the CII’s local institutes’ expenses.
The Education and Training Trust, which is affiliated to but independent from the CII, knocked back the informal request on the basis that the CII could not prove the funds would be used for charitable or educational expenses. The Institute did not then submit a formal application.
The Trust provides training and professional development grants for those working in financial services or studying for CII and Personal Finance Society (PFS) qualifications, but who are struggling financially.
Although the scheme is administered by the CII, decisions on the grants it awards are made by a board of seven independent trustees. These grants must be made for charitable and educational expenses, as per UK charity law and the Trust’s articles of association.
You can read the full article here: https://citywire.co.uk/new-model-adviser/news/revealed-charity-trustees-uncomfortable-over-cii-grant-enquiry/a1584056
At this stage, I think the best thing we can do is contact the independent chair of the CII board and ask for an urgent investigation into this governance failing. She can be emailed at Helen.Phillips@cii.co.uk.
Thanks