Mr Brasington has worked as chairman for 12 years and been involved with TISA since its creation in 1991.

His replacement Mr Solway currently serves as a non-executive director on the Board.

Aside from his role at TISA, Mr Solway is chairman of compliance consultancy group The IMS Group, and was previously responsible for the co-ordination of BNP Paribas UK wealth management business.

Mr Solway said: “I am particularly pleased to become chairman at a time when TISA is growing in influence within the industry. The recent completion of the re-registration project is an excellent example of how TISA is able to bring interested parties together to find a consensus solution to an issue that affects both the industry and the consumer.”

Mr Brasington said: “I am extremely proud to have been chairman for the past 12 years but feel now is the time to hand over the reins. I am confident that Tony Solway, who has extensive experience of the UK and global savings and investment sector, will do an outstanding job of supporting the Association during its next period of development.”

Mr Solway’s role will come into effect from 1 July.