The chairman of the Dutch financial sector regulator’s supervisory board resigned on Tuesday with immediate effect.

George Möller said at the end of last year he was leaving the AFM but that he would remain in the job until a successor was found. He has since changed his mind.

‘After rethinking through the issues, I have concluded my effectiveness is now marginal,’ he told the Financieele Dagblad in an interview.

Möller’s decision to quit means four of the five supervisory board members at the AFM have resigned within six months and the board currently consists of just one person.

The spate of resignations follows a critical report about the way the supervisory board functions. The report was drawn up on Möller’s behalf.

In particular, the report said the AFM lacked proper procedures and was lax about registering potential conflicts of interests such as other jobs and investments.