He has over 35 years’ of wealth management and investment services experience including senior roles at Citibank, Barclays Wealth, Legal & General and Friends Life.

He was chief executive of BNY Mellon’s Pershing Ltd for almost six years before deciding in June to stand down to focus on a number of non-executive roles. 

Mr Towers was the first chief executive of Standard Life’s platform business and launched the company’s wrap and fund supermarket proposition.

Mr Towers said: “I am delighted to be joining PIFMA at an exciting stage of growth and development from its diversity and inclusion agenda to its focus on the digital transformation of our industry and its advocacy for an industry that better reflects the needs of UK consumers.

“I look forward to working with Liz and the rest of the board on ways in which we can continue to develop our industry and help the UK maintain its premier position as one of the largest and most innovative wealth management industries in the world.”   

Liz Field, chief executive of PIMFA, said: “I am delighted to welcome Geoff Towers to the PIMFA board. The depth and breadth of his experience of our industry will be invaluable and we begin to look towards the challenges of next year and beyond.

“There are still big challenges and opportunities for our industry to grapple with from the greater use of technology to ESG factors, the continuing battle to get a fairer FSCS levy, the need to tackle fraud against consumers through the Online Safety Bill and how we shape an advice industry that is fit for the future. I look forward to Geoff’s counsel on these and many other matters in the years to come.”