A sub committee has been set up to find a replacement and Mr Evans will continue to chair the board of the Bristol-based investment provider and wealth manager until an appointment is effective.

He joined the board as a non-executive director in September 2006 and became chairman in December 2009.

Mr Evans said: "Chairing Hargreaves Lansdown over the past eight years has been a real privilege. I have seen the group grow significantly and establish itself as the UK's leading retail savings and investments platform.

“I believe the group is exceptionally well positioned for the next phase of growth under the leadership of Chris Hill and I am immensely grateful to my fellow board members, the founders and all of my colleagues at Hargreaves Lansdown for their support during my tenure as chairman."

Chris Hill, chief executive of Hargreaves Lansdown, said: "Under Mike's guidance, the Group has become a successful FTSE 100 business combining strong client focus with high service standards. I'm grateful for Mike's insight and contribution to this journey and wish him well going forward."