Lakey, who has been a member of the IFADU since 2004 and was appointed as chairman in June this year, says attempts to forge a new strategic direction for the group have been unsuccessful.
He adds that, financially, the IFADU has been “unable to mount worthwhile challenges and has barely survived, due to adviser indifference”.
He says: “When I assumed the chair in June, it was on the clear understanding that changes would be made. The IFADU had to be transformed into a professional organisation, not one held together by fraying string and rusty clips.
What has become evident to me is that Evan is unwilling to let go of the reins and, without this, the organisation will never be sufficiently focused or organised to provide the proper response to misregulation and other political assaults.
“In the circumstances, the only right and proper response is for me to resign as chairman and to distance myself from the IFADU.”
Owen says he will not resume the position of chairman and the IFADU is looking for candidates to fill the position.
He says: “It is a shame that Alan has left. I think it was a kneejerk reaction but obviously the decision is his. We now need a new chairman who is open-minded.”