This is because, according to Walker, the four members of the CII leadership team already have a vested interest in making decisions in the best interest of the CII and there could be occasions where this is in conflict with what is in the best interest of the PFS.
He adds: “It presents an issue if a majority of the board is appointed by, and employed by, the company that owes the debt.
“If our profession is to have the future it deserves, we need to be in control of budget, training and strategic direction. For as long as the CII behaves in this way, that future is at risk."
In a recent email seen by FT Adviser that Walker wrote to CII chief executive Hill, Walker asked how the CII planned to manage the “conflicts of interest".
In it, he said: “Members have voiced concerns about conflicts of interests that employees of the CII may face, especially when it comes to the financial dealings between the two separate legal entities.
“I would be grateful if you could confirm that you are comfortable with your absolute fiduciary duty to the PFS and its objects, and therefore its membership. I would also appreciate it if you could explain how you intend to manage the conflicts of interest that will no doubt arise from your dual roles.”
In response, Hill said that while identifying and managing conflicts of interest was important, it was not his primary concern in approaching this role.
He added: “When I joined the CII I made clear my commitment to leading the whole group for all its constituent parts and membership, and that remains the case. I know I speak for all senior CII colleagues in that respect.
“In terms of the specifics, I am very comfortable with all the obligations, legal and professional, that come with my position. I would not have agreed to become a director of the PFS if that were not the case. I personally have quite considerable experience around the board table, including in identifying and managing conflicts of interest.
“While that is important, however, it is not my prime concern in approaching this role. I think both PFS and CII can be best in class and that is what I and colleagues are working hard to achieve.”
