David Child has quit as managing director of 1st Exchange after seven years at the financial services technology firm.
A statement from the company says Child, a former bank official at the Bank of England, is leaving to pursue other career opportunities.
He has been replaced by former Ramesys managing director Chris Noblet.
1st Exchange chairman Alastair Hazell said Child had been “inspirational” in the development of the company since his arrival in 2003.
The decision to replace him with Noblet, who has 20 years technology experience outside the financial services sector, prompted an angry response from F&TRC managing director Ian McKenna.
He said: “It is nothing short of a disaster that control of the business is being handed to someone who has had no experience in the IFA market, replacing one of the most accomplished people in the industry.
“This sends a very disturbing message about the venture capitalist owners’ plans for the business and the extent to which the IFA community can rely upon 1st Exchange as a supplier of services. If you replace an industry stalwart with an outsider, it is hard not to question the commitment and future direction of the business. Providers and advisers will need to keep a close eye on development and may be well advised to have alternatives lined up.”
1st Exchange delivered a swift riposte, insisting it would remain focused on its “core business” serving IFAs and intermediaries.
Hazell said: “We have a wealth of IFA experience within the business and Chris Noblet joining us as new managing director brings broader technology industry experience to the wider management team and allows us to focus on the wider growth plan and look at future acquisition strategies.”