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Former Treasury financial secretary Mark Hoban to quit politics

Former Treasury financial secretary Mark Hoban is to stand down from parliament after 14 years at May’s general election.

The Conservative MP for Fareham caused controversy in his time at the Treasury after saying financial advisers were no more qualified than staff at McDonalds.

In a letter to Tom Fyfe, the chairman of Fareham Conservatives, Hoban says: “During my time as financial secretary to the Treasury,  I am particularly proud of the work I led to restructure financial services regulation in the UK in the aftermath of the financial crisis.”

He says: “After 14 years in Parliament I believe that it is time to start a new chapter in my life so I have decided not to restand in May’s general election. This has been a difficult decision but the right one. It is time to turn a new page and take on some new challenges.”

Before becoming employment minister in 2012, Hoban played a central role in the introduction of the RDR.

He publicly supported the reforms in 2010 but told Money Marketing in 2012 that the policy was “nothing to do with me”.

Prior to entering politics, Hoban worked as a chartered accountant for PwC and its predecessor firms.


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There are 13 comments at the moment, we would love to hear your opinion too.

  1. Delighted that a particularly unpleasant & useless character will no longer be able to have any influence on our industry.
    I have no idea what he is proud about as I am unaware of any positive achievements he has made.

  2. He has brought the industry to its knees, smug, I know it all fool, I just hope whatever industry he selects to join next its well away from Financial Services.

  3. 32 Years of Hurt ... 23rd January 2015 at 11:55 am

    Oh what sad news, I won’t be able to sleep at night now ……. not!!!!
    Absolutely useless waste of space as an MP and did nothing but harm to the FS industry. Happy retirement Mr Hogan!

  4. Advisers will be inconsolable!

  5. Local MP and useless. Not sure if he was a chartered accountant either. I believe he did one year as a trainee

  6. A nation mourns

  7. @ Nick Pilkington

    Check his CV, then see if you can really say “will no longer be able to have any influence on our industry.” Safe money would be on his landing a plum job in the sector somewhere 🙁

  8. I wrote to my local MP, Julian Lewis, about Stamp Duty reform in 2010. He responded with a letter to me within 48 hours – and said he had passed on my letter to Mark Hoban.

    23rd January 2015 – and still no response.

    Obviously very dedicated.

  9. good news

    “I am particularly proud of the work I led to restructure financial services regulation in the UK in the aftermath of the financial crisis” Weasel words from a political stoat

  10. Please God he doesn’t apply for Clive Adamson’s job at the FCA.

  11. I am struggling to keep my comment clean !!

    Therefore I will just say; its come 10 years to late !

  12. It’s not easy for someone to pat themselves that hard on the back. Still I am pleased for him that he is proud of himself, because few others are!

  13. I believe his new career requires him to ask the question “Would you like fries with that?”

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