LIA vice-president David Neith, who was due to become president next year, has left his post after a vote of no confidence from the board.
Long-time LIA member Michael Bousfield has taken up the post but the LIA has not announced the change which was made last November.
Neith, principal at Stratford-upon-Avon DN Financial Services, says he does not know what prompted the move.
The last time that an LIA vice-president stepped down was in 1991 when Terry O'Halloran resigned to concentrate on a dispute with the Consumers' Association.
Chief executive Jeff Travers says it is only a voluntary, part-time position and these sorts of moves happen all the time.
But Neith says: “The fact is it was a kangaroo court. I had no civil rights, no right to face my accusers. I certainly did not resign, I can deny that.”
Misys IFA Services head of marketing and former LIA president Andrew Bedford says: “I am surprised to hear that David has stood down. I was more surprised I did not hear about it from the LIA.”