Tovey joins from River and Mercantile Group where he was CRO for four years.
Prior to this he held senior roles at Old Mutual Wealth, PWC and Lloyds Banking Group.
He also has regulatory experience, having worked for four years as senior governance and prudential specialist at the Financial Conduct Authority.
“I’ve been really impressed by the strategy the management team has for this business, and the strong backing of shareholders to create the UK’s leading retirement-focused adviser platform,” Tovey said.
“It’s exciting to be joining the team at this time of rapid growth, and I look forward to playing my part in helping deliver great outcomes for the 160,000 customers that Nucleus serves.”
Nucleus said Tovey has experience in leading improvements in effective risk management, governance and compliance and in developing high performing teams.
He takes over from current CRO Martin Ettles, who has decided now is the right time for him to leave the group and seek out a new challenge.
Ettles helped bring the Nucleus Financial and James Hay businesses together, and set the course towards completion of the Curtis Banks acquisition.
He will support Tovey in ensuring an orderly handover of responsibilities and until his appointment is approved by the FCA.
Ettles said: “I’ve hugely enjoyed the last three years and I am really proud of what we have achieved both as a second line function but also as an organisation.
“One of the highlights of my time at Nucleus has been working with the fantastic people across the business in helping to drive forward our risk and compliance model, our cultural development, as well as being the executive sponsor for inclusion and diversity.
“For me personally, now is the right time to move on, with the business in good hands.”
Richard Rowney, chief executive officer at Nucleus, said he was “delighted” to be able to attract someone of Tovey’s calibre to take up the role on an interim basis.
“He brings significant experience and expertise in risk leadership, having spent over two decades in major businesses in the sector, in addition to his senior role at the FCA,” Rowney said.
“Martin has been with us since 2020 and has played a crucial role steering the risk and compliance function through a pivotal time in our transformation.
“On behalf of the board, I’d like to thank him for his contribution to the business, and I personally wish him well for the next stage of his career.”
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