3 July 2012 Last updated at 11:25 ET

Money Advice Service boss Tony Hobman quits

The chief executive of a government-backed financial advice service has resigned after criticism of his pay package.

Tony Hobman will leave the Money Advice Service after working his six-month notice period.

The service, which is funded by a levy on the financial services industry, was set up to offer free, independent advice to consumers.

MPs recently heard criticism of Mr Hobman's £350,000 a year pay deal.

Mr Hobman said he was leaving with "mixed feelings".

"[The service] has a crucial role to play in the financial wellbeing of the country and I am pleased to have been part of it," he said.

"I will leave with mixed feelings but am reassured in the knowledge that the service employs dedicated people working very energetically and creatively to help the millions of people who fall into the advice gap every day."

The service's board will conduct an immediate review of the future role and remuneration of the chief executive and will identify a successor by the autumn.