Towry non-executive chairman Glyn Jones has left the firm after more than five years in the role.
Jones was appointed nonexecutive chairman in November 2006. He will be replaced by non-executive director Gerald Corbett. Towry says Jones will remain a client and shareholder.
Chief executive Andrew Fisher says: “Glyn has given outstanding guidance to the board and to the executive management team over the past five and- a-half years and, on behalf of the board and all shareholders, we thank him for his huge contribution.”
Last October, Towry head of risk and compliance Nick Anderson quit after 13 years at the firm.
In February, a High Court judge dismissed a case brought by Towry against IFA firm Raymond James and seven former Edward Jones advisers.
This month, Money Marketing revealed that the Financial Ombudsman Service has ordered Towry to pay back trail commission it received from two clients’ Isa investments during transfer delays that lasted up to 14 months.
PMI Independent Financial Advisers director John Stewart says: “Towry has had an awful start to the year with the loss of the court case and when things go wrong, people at the top tend to get out.”