Jack McVitie, who founded the group two decades ago, is currently undergoing medical treatment and has been advised to take time off to aid his recuperation.
LEBC has informed the Financial Conduct Authority and the regulator’s register shows Mr McVitie’s senior manager permissions have been suspended as of September 1, 2020.
LEBC told FTAdviser his responsibilities would be shared among other members of the senior management team until his return.
The spokesperson added: "The board of LEBC Holdings and all his colleagues have sent Jack their best wishes for a speedy recovery."
Mr McVitie founded LEBC Group in 2000 with the aim to deliver comprehensive advice that was tailored to client needs, committing to trying to transform access to financial advice in the UK.
His main role was to oversee the development of the business with a focus on technology, including its robo-human advice hybrid bionic advice.
LEBC has had a challenging year. Last September, it relinquished its defined benefit transfer permissions after an FCA review, which caused its revenue to dwindle 20 per cent.
Staffing issues then led the advice firm to hire external paraplanners in January, while its profits nosedived in February this year.
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