With financial advisers bidding a fond farewell to Mark Hoban, as he sets off for pastures anew as the employment minister, we look back on his time as financial secretary to the Treasury.
Taking up the ministerial position when the coalition came into power in May 2010, Hoban first hit the radar of advisers later that year when he presented the government's stance on the Retail Distribution Review (RDR) in a Westminster Hall debate.
Perhaps the lines seared in the memory of advisers were on the importance of raising professionalism standards:
"The current minimum financial adviser qualification is at the same level as a diploma in shift management offered by McDonald's.
Farewell Mark ‘McDonald’s’ Hoban
"We should all reflect on that for a moment: the products being sold by IFAs are infinitely more complex and more long-lasting in their effect than a Big Mac."
Beyond the RDR, advisers have attempted to lobby Hoban on the need to radically overhaul the Financial Services Compensation Scheme levy system.
However, here, again, the minster has always been more than happy to argue for the status quo:
"I don't think there is a perfect solution to this and it is better that the industry pay rather than the taxpayer.
Cheese and regulation
In the spirit of being accountable to the public, Hoban did partake in a Twitter question and answer session and, while he refused to be drawn on what his favourite cheese was, he did toe the party line on the new regulator, the Financial Conduct Authority (FCA):
"FCA tougher & more proactive regulator, intervening earlier to protect consumers & promote effective competition. Will be new focus on transparency. FCA more open with consumers & make greater use of disclosure."
This article continues...
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch