Providing continuity through this change, Lord Deben will remain as chairman of AMI and Robert Sinclair will head the organisation as director.
The two deputy chairmen, Pat Bunton from London & Country and Stephen Smith from Legal & General Network will also carry on.
The current constitution will continue and the existing board will transfer across to the newly independent organisation.
Policy work, carried out by Alex Revell, will also transfer.
In addition, AMI will support the requirements of the Association of Finance Brokers.
Robert Sinclair said, “It is an amicable split. This is the time to make a change to ensure Alex and I can focus 100% on mortgage issues for our members whilst AIFA can concentrate on its own issues.
“We have done the preparation work and we know we can deliver a financially stable and robust trade association for mortgage intermediaries which is able to dedicate its time to making sure this part of the industry is ready for the changes which the Mortgage Market Review and the European Mortgage Directive will bring.
“This change has the full backing of the AMI Board and the AIFA Council and we are looking forward to an exciting future.
“We would like to thank AIFA for their help over the years in enabling AMI to develop to this stage of maturity and we wish our colleagues there well.”
Lord Deben commented “I am very pleased to continue as chairman of AMI. The current conditions of the mortgage market make a strong independent voice essential. I am pleased that the mortgage industry has stepped up to the mark to provide this.”
Back in September 2011 Mortgage Introducer broke the story that AMI and AIFA were holding talks about separating.
The discussions came after AIFA’s strategic review in July last year which announced a restructure giving AMI a seat on the AIFA board.
But sources revealed at the time that some members of the AMI board, made up of mortgage intermediaries, were unhappy and had begun to look at options to set AMI up as a standalone trade body.
One source said: “There have been discussions about AMI breaking away from AIFA although as yet no-one can agree on how a mortgage intermediary only trade body would be funded."
Commenting on the news the Rt Hon. John Gummer, chairman of AIFA & AMI, said: “AMI has grown significantly over the past five years, but it has also grown up. It is now a position to stand on its own two feet and be financially autonomous.
“The AIFA Council and AMI Board feel now is the right time for it to set out in its own direction.
“The changes will allow AIFA to focus solely on the interests of investment intermediaries.”
As chairman of both organisations Lord Deben will ensure a dialogue continues on industry issues of common interest.
AMI will continue to use AIFA’s offices in the short-term but plans to move to offices in Milton Keynes in the coming months.
