Shadow Chancellor Ed Balls and pensions minister Steve Webb are the most high profile financial services scalps to be claimed after a shock election night.
Balls, who previously held a majority of just 1,101 in the constituency of Morley & Outwood, lost out to Conservative Andrea Jenkins by 422 votes.
Webb lost to Conservative candidate Luke Hall, while shadow pensions minister Gregg McClymont was also defeated in his constituency of Cumbernauld, Kilsyth and Kirkintilloch East.
The Liberal Democrats have been hit across the board, taking just eight seats at 8.45am.
Notable Lib Dem losses include Cabinet members chief secretary Danny Alexander, business secretary Vince Cable, former chief secretary David Laws and energy secretary Ed Davey while Treasury select committee member John Thurso was also defeated.
Labour also suffered a bruising night.
Campaign leader Douglas Alexander was first to go, and was followed by Treasury minister Cathie Jamieson.
Other notable losses include Aberdeen South MP Dame Anne Begg, who chaired the Work and Pensions Select Committee through the last parliament.
Begg has been among the leading voices calling for an independent pensions committee, demanding a review only as recently as March.
Fellow Labour MP and committee member Sheila Gilmore also lost, with the SNP winning her seat of Edinburgh East.
The Tories’ most high profile loss came in Wirral West, where work and pensions minister Esther McVey was defeated.