Alex Scott, a group director who has been with the group for 10 years, will become chief executive of parent company Integrafin while chief development officer Jonathan Gunby will become chief executive of Integrated Financial Arrangements (IFAL), the company that operates Transact.

Mr Taylor, who currently holds both CEO positions at Integrafin and IFAL, will remain on the board of IntegraFin as an executive director and assist with the handovers. He plans to spend more time working in the business and will help with the handovers.

Jane Isaac, group chief financial controller, will join the board of IFAL.

Mr Taylor was one of the team that steered Transact’s parent to a stock market floatation in February 2019 which valued the group at £650m.

The company says that the executive changes mean Mr Scott will continue to manage relationships with shareholders and the stockmarket and Mr Gunby will continue to manage relationships with Transact advisers and the platform market.

Mr Taylor, a well known industry speaker and commentator, said: “Looking to the future, and after more than 20 years at the group, I have decided that, with the business in an extremely strong position and with superb senior management in place, now is the right time for me to step down from my roles as CEO of the holding and the operating companies.

“The business's success has always been to a large extent due to its strong and highly collaborative senior team and I am pleased that my successors will come from within that team. I have known Alex for twenty years and Jonathan for thirty and they will make excellent CEOs. I wish them both well.

“I will remain an executive director of IntegraFin and continue to be involved in its development and its key relationships. I am relinquishing the two CEO roles so that I can spend more time with the business.”

Mr Scott said: “Over the last ten years I have had the privilege of a front row seat as we have successfully evolved from a small private group to being established in the FTSE 250.

“I am now very much looking forward to taking up the challenge of leading the Group in the next stage of its development. I have been working with Jonathan for the last eight years and I’m sure we will do a great job together in continuing to drive Transact forward.”

Mr Gunby said: “I’m delighted to take up this new role and look forward to working with my colleagues to ensure Transact remains at the forefront of the platform industry. There will be no change to our strategy - but we will, of course, constantly seek improvements.” 

Transact was one of the first wrap platforms to launch and counts many Financial Planners as clients. It looks after 179,500 clients and 5,900 financial advisers. 

• Transact has also announced a series of price cuts. See separate story.