The as-yet unnamed company was described as being ‘regulatory friendly and client focused’ and Mr Davy said he expected to see significant interest from advisers.

Mr Davy said that while SimplyBiz research indicated the majority of firms would remain independent, it was important the restricted sector was not neglected.

He said: “We believe that part of the market is currently underwhelmed with old style offerings which have gone stale and deliver little value.

“We aim to change that and launch the most innovative and successful national in the market.”

Running the company will be Steve Braidford who has been working as group sales director of SimplyBiz for over 10 years and as managing director of training company New Model Business Academy for the past five years.

Mr Braidford said: “I am determined to provide advisers with the opportunity to prosper by doing what they do best which is spending time with clients. I am equally determined to reduce their administration and compliance burdens.

“We will be giving advisers the opportunity to enjoy the benefits of a national brand, whilst reducing costs and significantly increasing their profitability in the post-RDR world.”

A formal launch of the company will take place once FSA authorisation has been completed.