Mr Taylor was one of the best known figures in the UK platform world and was hugely influential in the growth of the sector over the last 20 years.

The company today announced the news with "great sadness."

Mr Taylor "died peacefully" on 17 October after a short illness, Transact said. He is survived by his wife Frances and three children Patrick, Elizabeth and Annie.

He co-founded Transact in 1999 with Michael Howard and became chief executive in 2002, leading the business for 19 years as it pioneered the UK advisory platform market and built the platform sector into a major force in financial services. 

The company had a successful IPO in April 2018.

Mr Taylor stepped down as chief executive in 2020, fulfilling a long held ambition, and retired in February 2021.

Alex Scott, Integrafin CEO, said "We are, all, desperately saddened by the news of Ian's passing. Our condolences and thoughts at this time are with Frances, Patrick, Elizabeth, Annie and their wider family.''

Jonathan Gunby, Transact CEO, said: "Ian was a true innovator and a giant of the industry, who leaves behind a legacy of a transformed world for financial advisers. He will be greatly missed, not least for his razor sharp sense of humour.”

Heather Hopkins, managing director of NextWealth, tweeted: "I’ll be having a curry and a beer today (both favourites of Mr Taylor) as I reflect on the incredible contributions of the legend that was, Ian Taylor. RIP"

Mike Richards, owner of advertising agency Capital City Media which has worked with Transact for many years, tweeted: "Ian Taylor, a great mate since 1987, once said to me: “We really shouldn’t be friends: you support Kent cricket, I’m Essex; I drink, you don’t; you’re religious I’m not.” Deeply upset he has died. Top, top bloke I was proud to have as a great friend."

Kevin O'Donnell, editor of Financial Planning, said: "The loss of Ian Taylor leaves a huge gap in the UK platform market. In many ways Ian was the pioneer of the UK advisory platform sector, building up what is now a major player with huge impact in the UK.

"I was fortunate enough to meet Ian several times and even enjoyed a pint with him on occasion. He was always great company but also a very thoughtful man who enjoyed reading and family life. He was passionate about the platform sector and was also a man of immense integrity. When he spoke at conferences everyone listened because he knew what he was talking about. He will be very sadly missed by all who knew him."

Annabel Brodie Smith, communications officer at the Association of Investment Companies, tweeted: "Very sad to hear Ian Taylor has died. A legend who always helped me and made me laugh. Will be raising a pint to him. RIP."

Platformcontroller tweeted: "Very sad day in platform world today with news of Ian Taylor’s passing. A giant of a man in more ways than one literally dragged the industry into the 21c single-handedly. Always loved his stories and the infamous Mrs Miggins. The platform equivalent of Brenda from Bristol."

Mark Polson, founder the platform consultancy the lang cat, tweeted: "Such sad news about Ian Taylor today - condolences from @thelangcat family to his and everyone at @Transact. ...glasses will be raised to him tonight. #RIPIanTaylor"

Graham Bentley, chief investment officer at Avellemy, tweeted: "Terribly sad news of Ian Taylor’s passing. There will be many tributes to a literal industry giant, occasional (good natured) sparring partner, and top bloke. My deepest sympathies to his family."

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