"I've had some informal chats with people about it but it has not been brought to the table of the appropriate authorities.

"As far as I am concerned, suggestions that this is all going to happen from August this year is pie in the sky," said Wells.

The IFA chief executive also expressed his frustration at the recent decision to maintain the current IFA Executive Committee at 18 members rather than reduce it to 10.

"I think that decision showed a lack of maturity within the IFA's corporate governance.

"That needs to change and get to the point where we have a competency based board where we can bring forward change in the best interests of the business itself," he commented.

Wells says he is still considering an offer to remain as IFA Chief Executive.