Details of how AJ Bell co-founder Andy Bell (pictured) will continue to work with the investment platform as a consultant now that he has stepped down have started to emerge.
The agreement sees AJ Bell enter into an agreement with a company it describes as “associated with Andy”, called Blythe Business Services Limited (BBSL).
BBSL will be paid £150,000 annually to secure the consultancy services of Andy Bell for at least 48 days a year.
Bell, who was replaced as CEO by Michael Summersgill on 1 October, initially planned to remain on the board as non-executive deputy chair.
But following talks with the Financial Conduct Authority (FCA), in which they flagged concerns over risks to “effective board governance” if a founder CEO with a significant shareholding remained on the board after stepping down, Bell opted to move to a consultancy role instead.
Speaking on the 27 September, Andy Bell said: “I accept the regulator’s views and as a result have decided to step down from the board in order that I can continue the journey I started 27 years ago, supporting the business in the most effective way I can. My focus will be on helping to build the AJ Bell brand as well as continuing to support AJ Bell’s campaigning and lobbying efforts on behalf of retail investors and financial advisers.”
It was also announced that AJ Bell chair Helena Morrissey will step down from the board once a replacement has been found.
Morrissey will also continue to work with the firm on a consultancy basis.
