Platform provider AJ Bell has appointed former Hargreaves Lansdown director Fiona Clutterbuck as its new chair to replace outgoing chair Baroness Helena Morrissey.

Ms Clutterbuck will step down from her current role as a non-executive director at M&G when she becomes chair.

AJ Bell, founded by industry entrepreneur Andy Bell, has gone through a number of board and executive changes over the past year.

In September, Mr Bell stepped down from the investment platform’s board following discussions with the Financial Conduct Authority (FCA).

At the same time, AJ Bell chair Helena Morrissey announced she would also also step down from the board after less than a year in the position. She left a previous role as a non-executive director at wealth manager St James's Place after 14 months to become AJ Bell chair.

Mr Bell stepped down as CEO from 1 October but had planned to remain on the board as non-executive deputy chairman. 

AJ Bell said at the time that it had been having discussions with the FCA about the need for a clear distinction between the executive and non-executive roles in a regulated firm. The FCA told AJ Bell that there would be risk to effective board governance should a founder CEO with a significant shareholding remain on the board after stepping down as CEO.

The regulator said its policy was consistent with previous messages about regulated firms and was not reflective of AJ Bell or Andy Bell. Mr Bell continues to work with the business in a consultancy role.

Ms Clutterbuck will become non-executive chair of the company from 1 May.

The board said Ms Clutterbuck was the “ideal person” to help AJ Bell capitalise on growth opportunities in the investment platform market. Ms Clutter buck will also join the Nomination Committee, as chair, the Risk and Compliance Committee and Remuneration Committee, and take on the role of designated non-executive director for engagement with the workforce.

Ms Clutterbuck was previously a non-executive director of Hargreaves Lansdown, the chair of Paragon Banking Group plc until September 2022 and is currently a non-executive director of Sampo plc and Co-operative Bank plc.

She is also the senior independent director of M&G plc but intends to step down from this role at the conclusion of the company’s AGM on 24 May. She has previously worked as head of strategy, corporate development and communications at Phoenix Group plc, having previously held banking roles with ABN AMRO Investment Bank plc, HSBC Investment Bank plc and Hill Samuel Bank Limited.

AJ Bell CEO Michael Summersgill said: “I am delighted that Fiona will be joining the board. Fiona has a wealth of experience in our sector and will be able to support and challenge the executive team whilst leading the board as we continue to grow the business.”

Ms Clutterbuck said: “AJ Bell is a business I’ve long admired for its innovation, customer focus and commitment to delivering great value to customers and advisers. Its dual-channel business model is a real strength in the investment platform market and the business is very well positioned to take advantage of the structural growth drivers in the sector. I look forward to working with Michael, the rest of the board and executive team to ensure the business takes advantage of the growth opportunities that lie ahead.”