Glyn Jones, non-executive chairman at Towry, has left the firm after more than five years in the role.
Jones, who was appointed in November 2006, will be replaced by Gerald Corbett, non-executive director.
In October, Nick Anderson, head of risk and compliance at Towry, quit after 13 years at the firm.
Andrew Fisher, chief executive of Towry, 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.” (article continues below)
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, Fundweb’s sister publication, revealed the Financial Ombudsman Service ordered Towry to pay back trail commission it received on two clients’ investments during transfer delays lasting up to 14 months.