The Association of Independent Financial Advisers (AIFA) has given further details of the process to appoint a replacement for the outgoing director general Chris Cummings .

The director general will also have overall responsibility for the Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB).

An appointments committee, chaired by the Rt Hon. John Gummer Lord Deben, has been formed with representatives from AIFA, AMI and AFB Boards.

The position is being advertised in the intermediary trade and national media. A shortlist of candidates will be drawn up post the applications deadline on Monday 12 July. Interviews will follow shortly afterwards. AIFA expects a replacement to be in place as soon after Cummings departs as possible.

Lord Deben said: “We are looking for an outstanding candidate with a thorough understanding of the retail financial services market. The intermediary profession faces a number of major challenges in the current political and economic climate. With further regulatory upheaval under way in the UK and the increasing influence of European policy we need an experienced individual who can lead the profession.””