The company said it was “deeply saddened” and that Mr Barral was “beloved.”

He was a true entrepreneur, the company said.

Not only did he create @SIPP in 2001 and work hard to build the business into a major force, he also founded IFA business Barral Sheppard (now part of True Potential) and ProfitCounts, a successful accountancy firm.

He also held a number of non-executive director positions across different sectors in Scotland.

Throughout his career, Mr Barral was well known for his enthusiasm and his drive to create opportunities for others, always trying to make a difference for people, the company said.

Eddie McGuire, @SIPP managing director, said: “Our chairman and founder was loved and admired by so many people across @SIPP and we regarded him as family. It always has been, and still is, like a family-run business.”

He said there was never a dull moment working with Mr Barral.

“He was great fun and a very dear friend. He put his staff at the heart of everything he did and was sure to make it his place to engage with them on a personal level.

“Colin was generous to a fault and always on hand to help anyone out of a difficult situation. He will be sorely missed. Our thoughts are with Mr Barral’s colleagues, family and friends."

@SIPP is a SIPP and SSAS provider based in Glasgow with an office in Essex. The company has £1.95bn in assets under administration for 4,400 clients and 550 financial advisers. @SIPP is also a specialist in commercial property and has 1,250 properties within Sipps on its books.