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AJ Bell Chair Helena Morrissey Quits After FCA Feud Over Founder’s Future Role
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AJ Bell’s chairman, Helena Morrissey, has resigned after just nine months after a dispute with regulators over the founder’s future role.
Andy Bell, who founded the company in 1995 and built it into one of Britain’s largest investment platforms, announced in June that he would step down as chief executive and become non-executive vice chairman.
But the Financial Conduct Authority (FCA) objected to his new position because it “would pose a risk to effective governance” if Bell, the former boss and major shareholder, “remained on the board after his resignation.”
Dispute: Helena Morrissey (pictured) said she would step down once a replacement was found for Andy Bell, who announced in June that he would step down as chief executive
The FCA said its position was “consistent” with previous reports to other companies.
As a result, Morrissey had said she would step down as soon as a replacement was found.
She told the Financial Times it was “the right thing to step aside and let the board draw a line under this.”
Bell, who owns nearly 23 percent of the company, said he accepted the FCA’s position and would resign. He reserves the right to nominate a non-executive director.
The FCA approved deputy chief executive Michael Summersgill as his successor.
He will take on the role next month as AJ Bell and his rivals struggle to retain customers as households cut back on the cost of living tightness.