Chris Cummings quits AIFA

AIFA director general Chris Cummings is to leave the organisation in August to become CEO of the City of London's new promotional body.

Cummings, appointed as director general in June 2005, is set to join TheCityUK, which will promote the UK's financial and related professional services industry.

He has been at the forefront of recent industry developments, including the RDR, and also leaves his role as director general of the Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB).

AIFA chairman John Gummer has established an appointment committee to find a replacement for Cummings. The director general role is chosen via an open applicaiton process, meaning anybody can apply.

Listed among Cummings' "wins" on the AIFA website are: reducing the FSA's regulatory fees for intermediary firms by £11.7m and moving the regulator away from 'pure fees' as the only remuneration model possible for firms.

He says: "I would like to express my thanks to the councils, staff and members for all the support they have given me over the past five years. It has been an incredible privilege to have led AIFA, AMI & AFB.

"Since the launch of AMI, mortgage brokers now have a strong and respected voice in both Westminster and Brussels. AIFA is now a better respected organisation and we have a higher membership than ever before. They are both well placed to lead and represent the intermediary profession.

"Our success shows what can be achieved when the intermediary profession speaks with one voice."

John Gummer adds: "Chris and his directors have led the intermediary profession through some of its greatest challenges.

"With increasing regulatory scrutiny, both domestically and from Europe, the role of a representative organisation has become ever more difficult but also ever more important.

"It is vital that the IFA and broker professions have a strong, united organisation that is ready and willing to stand up for intermediaries. That is and will continue to be our role."