Tony Hobman has resigned as chief executive of the Money Advice Service, following a board meeting yesterday.

There has been widespread criticism over Hobman’s salary of £350,000 per annum.

“I have enjoyed my time here and am proud of the turnaround of the organisation and the imminent upgrade to the Service,” said Hobman. “It has a crucial role to play in the financial wellbeing of the country and I am pleased to have been part of it.

“I will leave with mixed feelings but am reassured in the knowledge that the Service employs dedicated people working very energetically and creatively to help the millions of people who fall into the advice gap every day.”

Hobman will be working his six-month notice period.

Gerard Lemos, chairman of the Money Advice Service, said: “I am very grateful for all that Tony has done over the past two years. He has brought the organisation through a challenging transformation period and overseen the initial and forthcoming upgrade to the Service which sets us on a path to reach over 11 million people annually in five years time.”