Long-standing Charles Stanley chief executive David Howard is stepping down.

Long-standing Charles Stanley chief executive Sir David Howard is stepping down after nearly half a century as top dog.

It follows European legislation in the latest Capital Requirements Directive that states the roles of chairman and chief executive must be kept separate.

Sir David became managing partner of the firm in 1971 and progressed to managing director in 1988.

The wealth manager and broker has had a tough year with the company issuing a second profit warning in five months earlier in September. It said profit margins were under pressure after low transaction volumes continued to hit commission income and management ploughed more investment into improving its services.

Sir David will stay on as non-executive chairman and the nominations committee has been tasked with the process of identifying his successor.

The industry veteran has played a big part in City life and was Lord Mayor of London in 2000-2001. He has also served on committees at the Stock Exchange, Liffe and Crest. Howard is also an alternate member of the Takeover Panel and chairs the IFSL Education, Training and Qualifications Group, the Securities and Investment Institute Examinations Board and the council of City University.