The changes follow a review of the company and its leadership team.

Ms Ball was previously managing director of Tenet and has four decades of experience in the sector.

She has been working on a review of the business and Tenet says she is “ideally placed to pick up the reins.”

Mr Scanlon and CFO Martin Tyler will both leave the business with immediate effect.

Tenet chairman Philip Hilling said the changes in senior management followed a strategic review of the company.

He said: “At the end of 2022, we started a strategic review to examine all the group’s options, which included a review of our leadership team, and as a result we have appointed Helen Ball, due to her wealth of financial services experience.

“As a result, Mark and Martin will be leaving the business. We would like to thank them for their years of service, valuable contribution and wish them well for the future.

“We are pleased we will be able to have an orderly handover and ongoing continuity through Helen’s promotion. Importantly for colleagues, members and our customers, Helen brings over 40 years’ experience and vast knowledge of the financial services industry, having held numerous positions within Tenet over the last 12 years.

“Helen will provide the strength and stability the business needs, as she works closely with our advisers to conclude the strategic review by the end of May 2023.”