The company announced via the London Stock Exchange today that Mr Moyo had been suspended by the South African parent board due to “a material breakdown in trust and confidence between him and the board.”

The board said this came after recent “engagements” with Mr Moyo, CEO of OML and Old Mutual Life Assurance Company.

The board has suspended Mr Moyo with immediate effect and said that Iain Williamson, chief operating officer, will assume the role of acting chief executive for the time being.

Old Mutual operates in 17 countries, including the UK, and has been in business for 170 years. It is one of Africa’s largest companies although the UK business is now separate from the South African business.

In the UK Old Mutual has in recent years split its operation into a number of businesses as part of a multi-year transition. This has included Old Mutual Wealth, now rebranded as Quilter, primarily a wealth management and Financial Planning brand. Quilter itself owns a platform and number of financial brands including Intrinsic.

Old Mutual Wealth, Quilter’s UK platform, separated from Old Mutual in 2018 along with the wider Quilter business.

Quilter plc is a UK focused wealth management business and is no longer connected to the South African business and is not impacted by changes in the South African leadership.

• Editor's Note: story updated to stress there is no connection between the South African Old Mutual Limited and Old Mutual Wealth in the UK as both are separately-run businesses.