Openwork joined APFA in 2013 following the trade body’s decision to expand its membership criteria to include restricted advisers.
Openwork said it had decided to leave the trade association “having conducted an assessment of its business priorities and evolving relationship with the FCA”.
Openwork chief executive officer Mark Duckworth (pictured) is to step down from the APFA board.
Duckworth said: “Our size, scale and status, offering both restricted and independent advice through the safety of an AR model, means we differ from many other advice businesses in terms of the level of direct engagement we have with the regulator and policymakers. Having reviewed our position in this respect, we have concluded that we no longer require trade body representation and have accordingly resigned our membership of APFA.
“We would like to place on record our gratitude to Chris Hannant and APFA for the work they have done in recent years and we wish the organisation all the very best for the future.”