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Nominations opened on 6 June for the election of three positions to the board of the Association of Finance Brokers.

The positions are split between small, medium and large firms to ensure fair representation across the industry and all board positions are re-elected on at least a three-year rolling cycle.

Existing board members Paul Carley, representing small firms, and Steve Feeney, representing medium firms, are standing for re-election.

Nominations will close on 9 July with the election opening on 21 July before closing on 6 August. The results are expected to be announced on 8 August.

Commenting on the race, Robert Sinclair, director of the AFB, said: "We are an open and transparent body, which is fully representative of its members and their interests, and we welcome all nominations to the board."

Pointing to prevailing market conditions, he added: "These are challenging times for the industry and the wider economy and it is more important than ever that the industry has a strong trade body representing its interests with regulators, politicians and the media."

John Stewart, director of Essex-based PMI Independent Financial Advisers Ltd, said current market conditions meant trade bodies were more important than ever for providing financial advisers with a unified voice.

He said: "Everything should be regulated on a consistent basis. The credit crunch is making mortgages, secured loans and the whole aspect of financing very difficult for us. Lenders are pulling deals all the time and it is a very difficult situation."