The Association of Mortgage Intermediaries (AMI) has accepted the resignation of its chairman Pat Bunton following his decision to leave London & Country Mortgages.
A process for the board to elect a new chairman from within will now start, in accordance with the membership rules. London & Country will nominate a replacement to the board in due course.
The day-to-day work of AMI will continue through its employed executive team.
Robert Sinclair, chief executive of AMI, said: “I have had the distinct pleasure of working alongside Pat as AMI chairman for just over five years, in addition to the period before that when he was a fundamental part of the team that extricated AMI from AIFA.
“Pat has been a passionate advocate of consumer-focused advice and the role that advisers play in delivering great results to the UK population. He has given his time and considerable expertise and knowledge for no reward other than knowing he was doing the right thing. The intermediary sector owes him a great debt for the work he has done on MMR, mortgage prisoners, the ongoing competition review, revision to the Compensation Scheme and a regulator that listens to the mortgage advice community.
“In addition he has delivered a financially robust independent trade body which is respected at the highest levels within the regulatory community. His input will be missed by the team, the Board, the FCA, Bank of England and Treasury. These will be big shoes to fill.
“I would also like to thank the team at L&C who gave us Pat and his contribution without ever counting the many hours we took up.”