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