Money Advice Service Chairman Gerard Lemos is to stand down at the end of September 2013, when his three year term of office comes to an end.

Lemos became chairman of the Consumer Finance Education Body (CFEB) in September 2010. Since then, he has overseen the transformation of the organisation into the Money Advice Service, and the launch of a service available over the web, on the phone and face-to-face.

Earlier this year he welcomed Caroline Rookes to the Service as its new CEO.

He said: “I am proud of all the progress the Money Advice Service has made in a short space of time, helping over 2.5 million people in less than two years. The Service is now firmly established and our new responsibilities for debt advice have been bedded in.

“With our new business plan setting the course for 2013/14 about to be published, now is the right time to handover to someone to take the Service on the next stage of its journey.”

John Griffith-Jones, chairman designate of the Financial Conduct Authority, said: “I would like to thank Gerard for the significant contribution he has made in launching the Money Advice Service.

“Under Gerard’s Chairmanship the foundations have been put in place to enable the Service to help millions more people and raise the financial capability of the UK population in the years ahead.”