Philip Watson has stood down as managing director of John Charcol Insurance Brokers (JCIB) after four year's at the helm.

Watson retired three weeks ago. He has been now replaced by Nigel Asplin, previously a senior executive at Nat West.

JCIB is part of mortgage intermediary and IFA John Charcol Group Holdings. The broker arm, JCIB, offers household and accident sickness and unemployment cover.

Watson's departure coincides with building society Bradford & Bingley acquiring John Charcol Group from previous owners Warburg Pincus for £100m.