Taking the helm at Money Marketing is both a thrilling and a daunting experience.
Thrilling because any editor would be proud to be associated with such a well-respected title. And daunting because departing editor Katey Pigden’s shoes are extremely large ones to fill.
During her four years at the magazine, Katey helped revitalise the MM brand, expanding our profile and picking up some prestigious awards along the way.
I’ve seen first-hand how respected she is among her colleagues and the industry at large, and I hope we can build upon her excellent work.
With the CII’s AGM due after we go to press, we’ll report on any further revelations
Fortunately, this issue’s cover feature is a great place to start. It revisits the much-publicised row between the Chartered Insurance Institute (CII) and the Personal Finance Society (PFS) from last year.
This falling-out culminated in the so-called Christmas Coup, in which the CII announced a majority takeover of the PFS board following a failed mediation process.
Since then, things have gone rather quiet. The official line from the CII seems to be that the reorientation of the board has largely healed the rift. But the announced departure of CII Group chief executive Alan Vallance (whom our chief reporter, Lois Vallely, spoke to in October) after less than two years suggests that problems continue to fester.
Certainly, figures that emerged in the PFS’s annual report in October hint at the scale of those problems. For example, the PFS spent £850,000 on “expert legal and financial advice” in 2022, while another £1.5m was spent on “fees and services” — a whopping £1.1m increase on the previous year.
The CII’s official line is that the rift is largely healed, but Alan Vallance is leaving after less than two years
So, what’s going on? We’ve put the whole story back under the microscope. We also speak to PFS interim chief executive Don MacIntyre about the £10m of PFS member funds still allegedly being held in a CII-controlled account — something we first wrote about in September 2022.
Suffice to say, this story isn’t going away. And, with the CII’s AGM due after we go to press, we’ll report on any further revelations.
Of course, this is just one of many fascinating stories that MM has covered in 2023. Their sheer range is a testament to an action-packed year and the hard work of our wonderful team.
Not that we’re winding down for the holidays just yet. As this issue was being put to bed, the MM gang were gearing up for what promised to be a bumper Autumn Statement on 22 November, with income and inheritance tax, stamp duty and the pensions triple lock all potential areas of interest.
Figures that emerged in the PFS’s annual report in October hint at the scale of those problems
In summary, there’s plenty to chew on as you settle down to your mince pies (or whatever festive snack takes your fancy).
Best wishes from everyone at MM!
Tom Browne is editor of MM. Contact him at: tom.browne@moneymarketing.co.uk
This article featured in the Dec 2023/Jan 2024 edition of MM.
If you would like to subscribe to the monthly magazine, please click here.
Comments