The Association of Mortgage Intermediaries (AMI) is to split away from the Association of Independent Financial Advisers (AIFA).

Robert Sinclair will head the new standalone organisation as director while Lord Deben will remain as chairman.

The two deputy chairmen, Pat Bunton from London & Country and Stephen Smith from Legal & General Network will also continue. 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.

AMI says it will support the requirements of the Association of Finance Brokers (AFB).

Sinclair said: “This is the time to make a change to ensure we can deliver continued focussed representation for our members. 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.