Simon Hudson has stepped down as chief executive of Tenet Group.
Hudson (pictured) says he has left because the commitments required by the RDR would have meant him having to stay in the role for a further five years.
He founded the firm in 1992. During his time as chief executive the company has grown to employ 250 people and has just over 5000 advisers in total.
Hudson says: “The implementation of the RDR will open up new opportunities for the company but it would have required me to commit to a further five years as chief executive. In these circumstances I think it is time for a change.”
He adds he “fully intends” to stay in the financial services industry.
Tenet Group chairman Lord Hodgson says: “Simon is one the people who have helped transform the IFA industry from a series of sole practitioners to a properly regulated profession. His enthusiasm and commitment has driven Tenet forward. A search for his successor is already underway.”