Hoban to oversee RDR
Share
Financial Secretary to the Treasury Mark Hoban has been given responsibility for financial services policy, including banking and financial services reform and regulation.
His remit will cover the RDR, as well as bank lending, personal savings, pensions policy and Equitable Life.
Hoban will be responsible for financial stability, city competitiveness, wholesale and retail markets in the UK, Europe and internationally and the FSA.
He also takes on responsibility for UK Financial Investments and banking support, including responsibility for the Asset Protection Scheme and the Recapitalisation Fund.
Economic Secretary to the Treasury Justine Greening is responsible for tax credits and child poverty, environmental issues including taxation of transport, international climate change issues and energy issues.
She will oversee North Sea oil taxation, charities and the voluntary sector, excise duties and gambling, including excise fraud and law enforcement and stamp duty land tax.
In addition, Greening will be responsible for the EU budget and will work with the Exchequer Secretary to the Treasury, David Gauke, on the Finance Bill.
Gauke will take strategic oversight of the UK tax system including direct, indirect, business and personal taxation as well as corporate and small business taxation, with input from the Commercial Secretary to the Treasury Sir James Sassoon.
Gauke will have overall responsibility for the Finance Bill, will be lead minister on European and international tax issues and departmental minister for HMRC and the Valuation Office Agency.
As Treasury spokesman in the House of Lords, Sassoon will work with Hoban to assist on financial services and banking policy, including UKFI, and promote the Government’s financial services policies and the competitiveness of the UK.
Sassoon also takes responsibility for enterprise and productivity, including industrial strategy, better regulation, competition policy, infrastructure and microeconomic reform.
He will also oversee corporate finance, asset freezing and financial crime, foreign exchange reserves and debt management policy, National Savings and Investment and the Debt Management Office.
Chief Secretary to the Treasury David Laws takes responsibility for public expenditure including spending reviews and strategic planning, in-year spending control, public sector pay and pensions, annually managed expenditure and welfare reform, efficiency and value for money in public service, procurement and capital investment.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (7)
Anonymous | 21 May 2010 9:17 am
We urse him to throw out all the damaging policies which were handed down by HM Treasury to the FSA for implementation, that includes the RDR, it was a New Labour farewell gift to IFAs from Gordon Brown because the likes of garry Heath embarrassed him in Parliament.
Unsuitable or offensive? Report this comment
Michael Fallas | 21 May 2010 9:34 am
Not expecting any real changes from Mr Hoban. This is the mand who reportedly said he had no problem with the banks as they had given his mother good advice. Lets hope he surprises us all !!
Unsuitable or offensive? Report this comment
Anonymous | 21 May 2010 9:43 am
Mr Hoban is a fan of both the FSA and RDR.
Do not hope for anything from this man. Anything he has had to say so far, has been a repetition of the soundbites which come straight from canary towers.He prefers to listen to the regulators take on things and has no interest in listening to IFAs.
Unsuitable or offensive? Report this comment
Julian Stevens | 21 May 2010 12:39 pm
Another good reason to get out from under the blinkered tyranny of FSA and seek regulation under a different jurisdiction.
Unsuitable or offensive? Report this comment
Anonymous | 21 May 2010 1:14 pm
All you need to do is do a bit of google searching to find out how Lesley Titcombe of the FSA is linked to the conservatives via her husband and I think to Mr Hoban by both having trained as accountants.
At least we now have a target in government we can vent specific anger on....
Unsuitable or offensive? Report this comment
The FSA is dead long live the FSA | 21 May 2010 4:05 pm
At times I think politics is a game and the public are the children! The massed ranks of the IFA voted for the Conservatives in the hope they were voting for the destruction of a regulator that was seen to be out of control.
Hoban did and said nothing to support this view. His CV and background is worthy of an appointment at the FSA and it is reported that he does not accept the premise that independent advice is best advice.
We must remember that whilst politicians change, the civil service and the executive do not. The King is dead long live the King! With Mark Hoban MP we see Britain’s two major political parties, the Conservative Party and Labour Party, in agreement, or consensus, over RDR and the FSA.
Unsuitable or offensive? Report this comment
Anonymous | 21 May 2010 4:21 pm
___________________________
While walking down the street one day a "Member of Parliament" is
tragically hit by a truck and dies.
His soul arrives in heaven and is met by St. Peter at the entrance.
'Welcome to heaven,' says St. Peter.. 'Before you settle in, it seems
there is a problem. We seldom see a high official around these parts,
you see, so we're not sure what to do with you.'
'No problem, just let me in,' says the man.
'Well, I'd like to, but I have orders from higher up. What we'll do is
have you spend one day in hell and one in heaven. Then you can choose
where to spend eternity.'
'Really, I've made up my mind. I want to be in heaven,' says the MP.
'I'm sorry, but we have our rules.'
And with that, St. Peter escorts him to the elevator and he goes down,
down, down to hell. The doors open and he finds himself in the middle
of a green golf course. In the distance is a clubhouse and standing in
front of it are all his friends and other politicians who had worked
with him.
Everyone is very happy and in evening dress. They run to greet him,
shake his hand, and reminisce about the good times they had while
getting rich at the expense of the people.
They play a friendly game of golf and then dine on lobster, caviar and
champagne.
Also present is the devil, who really is a very friendly & nice guy who
has a good time dancing and telling jokes. They are having such a good
time that before he realizes it, it is time to go.
Everyone gives him a hearty farewell and waves while the elevator
rises....
The elevator goes up, up, up and the door reopens on heaven where St.
Peter is waiting for him.
'Now it's time to visit heaven.'
So, 24 hours pass with the MP joining a group of contented souls moving
from cloud to cloud, playing the harp and singing. They have a good
time and, before he realizes it, the 24 hours have gone by and St.
Peter returns.
'Well, then, you've spent a day in hell and another in heaven. Now
choose your eternity.'
The MP reflects for a minute, then he answers: 'Well, I would never have
said it before, I mean heaven has been delightful, but I think I would
be better off in hell.'
So St. Peter escorts him to the elevator and he goes down, down, down
to hell.
Now the doors of the elevator open and he's in the middle of a barren
land covered with waste and garbage.
He sees all his friends, dressed in rags, picking up the trash and
putting it in black bags as more trash falls from above.
The devil comes over to him and puts his arm around his shoulder. 'I
don't understand,' stammers the MP. 'Yesterday I was here and there was
a golf course and clubhouse, and we ate lobster and caviar, drank
champagne, and danced and had a great time.. Now there's just a
wasteland full of garbage and my friends look miserable.
What happened?'
The devil looks at him, smiles and says, 'Yesterday we were
campaigning... ...
Today you voted
Unsuitable or offensive? Report this comment