The company said his appointment reflected "the ambitions of the group and the considerable opportunities that lie ahead".
Mr Thompson was previously chief executive of ULS Technology, a provider of online business-to-business platforms for the UK conveyancing and financial intermediary markets.
Before this he held senior positions at Legal & General, where he ran its mortgage distribution business, as well as the banking division.
As part of the appointment Mortgage Advice Bureau has given Mr Thompson 59,263 options over ordinary shares of 0.1p each, the exercise of which is subject to the achievement of performance conditions based on total shareholder return and earnings per share criteria.
If the performance conditions are met, the options will be exercisable in three years' time.