Mr Nygate, who was 80 years old had been suffering from cancer. He was a directly authorised IFA for the Lighthouse Group, and left the industry in December 2012 as the RDR came into force.
Mr Nygate began advising clients in 1987, following a successful career in the fashion industry, where he designed and produced children’s clothing.
A fierce critic of the new regulatory environment, he once said the RDR had been set up to protect the wealthy, and criticised the regulator and government for disenfranchising “clean, competent, compliant and ethical Level 3 IFAs”.
In May more than 100 people crowded in to the Park Inn Hotel, south Essex with Mr Nygate to celebrate his 80th birthday where the music lover regaled his guests by singing with jazz pianist and vocalist Buddy Greco and his partner Lezlie Anders.
Hal Austin, editor of Financial Adviser, said: “Joe Nygate was a one-off. He was a man of impeccable integrity whose commitment to providing advice to ordinary people was unquestioned.
“A man who was passionately against the recent changes to the regulation of financial advice, Joe went out of his way to learn about the Australian system, which he thought had a lot to teach us here in Britain.
“Recently my wife and I attended his birthday in Essex party and it was a celebration of a man with a tremendous hinterland.
“He was as friend of Financial Adviser and all the staff join me in passing on our sincerest condolences to his sons and extended family. He will be missed.”
Malcolm Streatfield, chief executive of the Lighthouse Group, said: “Joe was splendid fellow, and always had the interest of his clients at heart.
“He will be sadly missed, was a great character, and was very passionate about the industry.”