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Machin replaces Steve Walker, managing director of Promise Solutions, in the role.
The AFB is governed by a board elected from its membership and has an independent chairman, the Rt Hon John Gummer MP.
The role of the deputy chairman is to deputise at meetings and events when the chairman is unable to attend.
Robert Sinclair, director of AFB, said: "We are delighted to welcome such a capable and well respected industry figure as Tony Machin.
"As the CEO of the Freedom Finance Group, part of the group who established AFB within the AIFA family, Tony has a wealth of knowledge of the industry and the work of AFB.
"He will be a valuable addition."
Location: Leeds
Salary: Basic salary is £70,000 plus OTE £120K plus benefits
Location: Nationwide
Salary: £70,000 +++