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Goddard will leave the organisation in July, however, she will not be directly replaced.

Instead AIFA is recruiting a new policy director to head up the policy team that provides support to members of AIFA, the Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB).

AIFA director general Chris Cummings said: "Fay has been a great servant to AIFA and the independent financial adviser (IFA) profession for more than a decade. She's seen more than her fair share of the trials and tribulations of the advice community and has the battle scars to prove it.

"As much as anyone in the organisation, she has helped establish AIFA as the voice of the IFA community - ensuring member views are represented in Whitehall, Westminster and Canary Wharf. We wish her all the best in her future career."

Cummings said the director of policy role would enable the successful candidate to "influence the future direction of financial services policy".

"We have a strong management team in place that will continue to work hard to represent the views of our members. The AIFA team now consists of 17 people, working on policy, membership support, PR and marketing," he added.