Biba endorses Hoban's appointment

The appointment of Mark Hoban as financial services secretary has been welcomed by an industry spokesman, as it gives insurance some much-needed continuity.

Hoban has been City spokesman for the Conservatives since 2005 and helped to draft the then-opposition’s white paper on financial services regulation. Head of compliance and training at Biba, Steve White, said: “He knows our sector pretty well and is an accountant by background.”

George Osborne has been appointed chancellor of the exchequer, while Lib Dem and former banker David Laws has been appointed chief secretary to the Treasury. Justine Greening and David Gauke, who were both in Osborne’s shadow Treasury team, have been appointed as junior ministers.