Mr Richards announced his departure from Tenet this morning after nine years at the firm.
He will replace Fay Goddard who announced in November that she would leaving the organisation after five years. Ms Goddard had remained at the PFS until a successor was found and will help with the transition.
He was unanimously selected from a shortlist of candidates who were presented to the PFS nominations committee.
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PFS president Garry Hale said: "Keith brings a wealth of experience and influence together with a commitment to raising levels of professionalism in the advice sector. Our members will benefit immensely from Keith's involvement."
Mr Richards said: "I am excited to be taking up this role as in the current financial climate consumers need advice they can trust more than ever before.
"I believe we are building a profession that can thrive and secure the confidence of the public and I am looking forward helping shape the future of Financial Planning."
Prior to his role at Tenet, Mr Richards worked for Royal London for seven years in various sales roles.

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