In the interim period, chief operating officer for financial services Ben Money-Coutts has taken over, supported by Grant Thornton auditor Peter Kelk.

The firm said Malpas will continue to provide assistance to the board on a number of special projects for the foreseeable future.

Malpas joined Charles Stanley following the acquisition of Shaw & Co in December 1997. She assumed the position of deputy compliance manager until the retirement of her predecessor Eric Hurrell on 31 March 2003 and was appointed to the operating board of Charles Stanley as director of compliance on 1 April 2003.