Chris McRae has resigned from the Financial Ombudsman Service (FOS) board to eliminate any perceived conflict of interest with his role as an independent adviser to life insurance members.

FOS says he “was conscious there could be some perception of conflict between the different roles”. Mr McRae was appointed an industry director in 2012.

“It was very important to him that the integrity of both FOS and the life insurance industry members’ claims review process was preserved,” FOS said.

Chairman Michael Lavarch says the board will “sorely miss” Mr McCrae’s experience with the Financial Services Council and financial services law, along with his “generous and considered manner”.

The FOS board will begin seeking a replacement soon.