Towry non-executive chairman Glyn Jones has left the firm after more than five years in the role.
Jones, who was appointed in November 2006, will be replaced by non-executive director Gerald Corbett.
In October, Towry head of risk and compliance Nick Anderson quit after 13 years at the firm.
Towry chief executive Andrew Fisher says: “Glyn has given outstanding guidance to the board and to the executive management team over the last five and a half years and, on behalf of the board and all shareholders, we thank him for his huge contribution.”
In February, a High court judge dismissed all cases brought by Towry against IFA firm Raymond James and seven former advisers.
This month, Money Marketing revealed the Financial Ombudsman Service ordered Towry to pay back trail commission it received on two clients’ investment during transfer delays lasting up to 14 months.