Former Treasury financial secretary Mark Hoban has joined the London Stock Exchange as a non-executive director with immediate effect.
Hoban announced last month he is to stand down from parliament after 14 years at May’s general election.
In addition to the London Stock Exchange role, Hoban will also become the first chairman of Flood Re, the insurance industry scheme to provide cover to households at risk of flooding. It was developed in partnership between the Government and the Association of British Insurers.
The appointment is subject to regulatory approval.
ABI director general Huw Evans says: “Flood Re is a world-first partnership between the state and insurance sector. In selecting its first chairman, the appointment panel was looking for an individual who combined strong ministerial and parliamentary experience with a clear understanding of the insurance industry.
“I am delighted Flood Re will have someone of Mark’s calibre to lead its board.”
Hoban says: “Flood Re is an important initiative for both government and the insurance sector. I am delighted to be its first chairman and have the opportunity to take this new initiative forward.”
London Stock Exchange chairman Chris Gibson-Smith adds: “We warmly welcome Mark to the board. Mark brings extensive knowledge of UK politics and the regulatory agenda that impacts our business.
“His experience will be of great value as we drive our business forward in an increasingly complex and evolving regulatory environment. I very much look forward to working with him.”