Severn has recently been diagnosed with kidney disease and he does not believe it is in the best interests of AIFA or of his own health to remain as director-general.
Chris Cummings, currently deputy director-general of AIFA has agreed to accept the position of director-general. Fay Goddard, currently Director of Policy, will replace Chris Cummings as deputy director-general. Fay will retain responsibility for all policy work across the wider trade body. Both appointments will be confirmed at the forthcoming AIFA Council meeting.
David has been director-general at AIFA for four months, during which time the Association has successfully negotiated the payment of regulatory fees by instalment scheme, securing a significant discount for members. Also after consistent lobbying the FSA has agreed to review the way the Financial Services Compensation Scheme is funded.
“AIFA is saddened by the circumstances of David’s departure and we wish him a speedy return to full health, “ said John Gummer MP, Chairman of AIFA.
“The market is going through a period of tumultuous change and members need strong and effective representation. We are confident that Chris and Fay have the expertise and commitment to lead the Association”, added Gummer.
