Chris will take up a new role as the Chief Executive of TheCityUK, a new body set up to promote the UK based financial services industry.
A process is now underway to appoint a replacement. An appointments committee, chaired by the Rt Hon. John Gummer, will be formed with representatives from the trade body's membership.
Rt Hon. John Gummer, Chairman of AIFA, AMI and AFB, said: "On behalf of all the membership I would like to thank Chris for the contribution he has made to the whole intermediary profession. His skills in negotiation, representation and leadership have been a great asset to us all.
"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.
"Under Chris's tenure we have built a strong and well respected team of directors. Andrew Strange has been an excellent appointment as Director of Policy. His recent work on the RDR achieved an important clarification from FSA on the issue of trail commission for firms. We have also just secured an important commitment from FSA to review its fees structure and the unfair burden placed on intermediary firms.
"Robert Sinclair has added to his work as AFB Director with exemplary leadership of the intermediary community as Director of AMI. Marketing & Membership Director, Sophie Fiori has also been integral in delivering new services and benefits to members, such as launching our Business Transition Academy 'AIFA FFWD'."
Chris Cummings added: "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. AFB has weathered the difficult times in its market by acting as a unifying voice for its members.
"I am immensely proud of the work that AIFA, AMI and AFB do for members. From the ground breaking FFWD online business academy to the influential Manifesto for Advice, we have tried to ensure that intermediary firms are leading the way in levels of professionalism. We have also fought hard to ensure members receive a fair deal from regulators and policy makers.
"Our success shows what can be achieved when the intermediary profession speaks with one voice."
