In a statement released on Wednesday 4 March, Mr Vickers said: “My term as chairman of the Regulatory Funding Company was always subject to my re-election at the AGM in May. I had indicated privately some time ago that I would not be putting myself up for re-election, as mentioned by John Whittingdale at the Culture, Media and Sport Select Committee hearing on 24th February.
“I believe passionately in voluntary independent self-regulation of the Press. IPSO is not perfect but it is the best chance that we have of establishing a proper system in the UK. It has the support of the vast majority of the press and has an excellent and robust chairman in Sir Alan Moses.
“Having devoted a huge amount of my time to setting up IPSO, I do not want my position to be used by its enemies and the enemies of a robust free press as a weapon with which to beat it.
“I have therefore told the board of the RFC that I have brought forward my departure date and resigned as a director and chairman with immediate effect.”
Adrian Jeakings, chairman of the News Media Association, said: “The news media and magazine industries are indebted to Paul Vickers for the crucial role he played in the establishment of IPSO and the RFC. He has shown great skill and leadership as chairman of the RFC which has proved crucial over the last year.”