AJ Bell founder to exit board after FCA governance 'discussions'

Need for clear distinction between exec and non-exec roles

Jenna Brown
clock • 2 min read

Andy Bell, the founder and outgoing chief executive at AJ Bell, is to step down from the board after the regulator highlighted a need for a “clear distinction” between executive and non-executive roles at the business.

A stock exchange announcement this morning (27 September) confirmed the move after the Financial Conduct Authority (FCA) pointed out the risk to effective board governance that would arise if a founder CEO with a significant shareholding remained on the board after stepping down as chief executive. It said the FCA has indicated that it considers its stance to be consistent with previous messages given to other regulated firms and "is no reflection on the fitness and propriety of AJ Bell or Andy, who will remain as CEO until the end of September".  Bell announced his intention to step ...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Companies

Benchmark seals deals with two more advisory firms

Benchmark seals deals with two more advisory firms

Bought 100% of Advison and 49% of Chartered Independent

Jenna Brown
clock 22 November 2022 • 2 min read
Woodhouse: “Sound financial advice is particularly highly valued in difficult macroeconomic conditions."

Evelyn confident in solid inflows and income despite £4bn AUMA drop

Wealth manager publishes third quarter trading update

Hope William-Smith
clock 07 November 2022 • 2 min read
SJP chief executive Andrew Croft

SJP reports £5bn drop in funds amid modest third quarter flows

Inflows offset by surrenders and investment loss

Kathleen Gallagher
clock 20 October 2022 • 1 min read