Lakey, who replaced adviser Harry Katz on the council in 2012, said he felt he had been “banging [his] head against a wall”.
“I didn’t feel I was able to achieve anything. I felt it was worth a try. I’d been critical of [APFA’s predecessor] AIFA and, whilst things are different, that doesn’t mean I was able to exert the influence I wanted to exert,” he said.
“I have been mulling over [leaving] for six months.”
Lakey (pictured) said he was trying to change the makeup of the council and fight for a back-up action plan should the long-stop for advisers – an issue APFA has been campaigning for – not be reinstated by the regulator.
The FCA said in its business plan for the coming year it will consider the case for a long-stop for advisers. However it has emerged discussions have stalled over the implications of a European directive.
Lakey said: “I have long suggested that if the long-stop can’t be restored through discussion, rather than [engage] in further discussion that we decide one of two things – either let’s leave it alone or we need to get legal. I’m not sure APFA wants to get legal.”
Lakey said he is confident, from taking legal advice when previously fighting the matter, that a fight for the long-stop would be won in the European courts on grounds of “human rights”.
But a journey through the courts demands access to funding, which is not currently available to advisers wanting to take on the task, he added.
APFA director general Chris Hannant said: “We’d like to thank Alan for all of his hard work and support over the last 18 months as we’ve campaigned for a better deal for advisers through a period of substantial change.
“APFA continues to represent a broad church of small, medium and large financial advice firms, as we fight for a better deal on fees, securing a long-stop and holding the regulator to account.
“We’ll be seeking a new member to represent small firms as part of our usual elected process.”
