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At only the start of this month Financial Adviser said following the government's decision to only temporarily extend the Financial Services Skills Council's existing licence, the organisation's bosses faced the choice between saving the council and saving a senior executive.

As Financial Adviser went to press, it was announced Simon Ellis, former managing director of Fidelity's Multi-Manager business, had been hired to lead an independent review of the organisation and be managing director of the council.

Mr Ellis' appointment came as Ms Sayers announced she would stay on until September to ensure the day-to-day running went smoothly but would leave the organisation after that to pursue "other interests."

Ms Sayers has spent nearly 10 years with the council and its predecessor body the Financial Services National Training Organisation.

She said: "The last five years as chief executive of the FSSC have been both challenging and rewarding, having led the organisation through many significant times of change, from the original transition from National Training Organisation to skills council, right up to the more recent addition of accountancy into our footprint.

"This seems to me to be the right time to pass on the baton and I am confident that the FSSC will continue to play a leading role in promoting standards and raising skills levels across the UK."

Roy Leighton, chairman of the FSSC, said of the departure: "It was by mutual agreement. She was not fired. A lot of employers love her. She felt she had done her best and it was time to leave."

The council is liaising closely with the UK Commission for Employment and Skills (UKCES) on its re-licencing requirements, and will use industry insights gained from its consultation to inform its proposals on how the organisation can evolve to best reflect the shape and priorities of the sector and its stakeholders.

In line with UKCES recommendations, the FSSC has also appointed a strategy consultancy to work with Mr Ellis on the review.

Gavin Shreeve, principal of the ifs School of Finance, said: "We share the view that this is an appropriate point for the FSSC to review its remit and purpose.

"This is a complex and diverse sector, and the council needs to take a fundamental look at whether there is a need for a skills council, and if so, how its work can be relevant and effective."

Mr Ellis's review team will engage with employers, relevant professional and awarding bodies and trade associations, inviting them to share views on specific skills needs, challenges and opportunities, as well as the current and future role of the FSSC.