Fintel chairman and industry veteran Ken Davy steps down today at the firm’s first AGM since rebranding from SimplyBiz last month.

He will be succeeded by Gary Hughes who has served on the Fintel board for the last two years.

Mr Davy, one of the advice sector's best known entrepreneurs, will continue his involvement with the firm he set up and will now take on the role of deputy chairman.

Imogen Joss, who joined the board as a non-executive director in January, will succeed Mr Hughes as the firm’s senior independent non-executive director.

The adviser support group, which includes Defaqto, also issued a trading update reporting “robust trading” in the first quarter of 2021. Half year results are expected to be published the week commencing 20 September.

Fintel reported a drop in revenues and profits in its 2020 results and also used its results to say it is looking for more acquisitions. Revenues for 2020 were £61m (2019: £62.8m) with operating profit dropping to £11.4m (2019: £12m).

Adviser support company SimplyBiz Group rebranded at Fintel in March following its acquisition of fintech Defaqto for £74.3m in 2019 and a greater focus on technology.