This was not an issue with powerCMS or the content from the cms system. This was an issue with your testimonials include file. It was moved to MySQLi and the MySQLi code has built in cross site scripting protections that prevent html from displaying from the database.
In order to allow the html tags to render you have to disable the cross site scripting protection manually.
I did that by changing:
<?php echo($rsiTestimonials->getColumnVal("Testimonial")); ?>
<?php echo($rsiTestimonials->getColumnVal("Testimonial",false)); ?>
in your testimonials include files.