Towry Law chief executive Douglas Black, who incurred the wrath of his fellow IFAs by suggesting Towry's deal with the ICS saved the industry £20m, is leaving the firm.
He will be replaced by AMP's John Simmonds who is credited with striking the deal between AMP and the IFA. Simmonds becomes managing director. AMP says Black, 44, decided to give up the position that he has held since 1997 by mutual agreement.
Simmonds, 44, joined the Towry management team in June to control the integration with AMP. Before joining AMP six years ago, he was managing director of Sun Life Financial Associates.
Speculation is rife that a further shake-up of Towry senior management will follow.
Black has been a controversial figure among IFAs since negotiating a £30m bailout by the Investors' Compensation Scheme to partly cover the £48m pension misselling liability inherited by Towry when it bought Advizas from Hogg Robinson.
Towry has also given up its bid to make board director Tudor Taylor serve his full notice until June and he will now join IFA Wentworth Rose as managing director in March.
Three other members of Towry's corporate development team, Tina Gilchrist, Sarah Keeley and Candace Pennington, are joining Wentworth Rose to develop its corporate retirement consultancy services.
Towry Law chairman Cecil Law says: “Under Douglas's tenure, the company has developed by leaps and bounds.”