Ros Altmann has been named as the next pensions minister replacing Steve Webb.
Prime minister David Cameron confirmed the appointment on his Twitter account.
Altmann describes herself as an "independent policy expert and older workers champion".
But by training she is a City banker, who became an analyst, who then became an economist, working variously at Natwest, Rothschild Asset Management and Chase Manhattan Bank.
She chairs the Lord Chancellor's Strategic Investment board, and is a non-executive director of the press watchdog the Independent Press Standards Organisation.
Altmann was previously director general of the Saga group, which offers a range of products and services for the over 50s.
But her career history is most heavily skewed towards financial services.
For four years under Labour, she was adviser to the Number 10 Policy Unit on the pensions and fund management sectors.
Before that she was a consultant on institutional investment to the Treasury.
In 2014, she was awarded a CBE honour in recognition of services to pensioners and pension provision.
It has previously been confirmed that Iain Duncan Smith will continue as work and pensions secretary at the head of the Department for Work and Pensions.
The Prime Minister earlier confirmed Priti Patel will be minister of state for Employment at the DWP.
She had previously been tipped to be in the running for the pensions minister post.
Just walked down Downing Street and into Number 10. Waiting to see PM. Quite surreal. Really lking fwd to help more ppl I hope— Ros Altmann (@rosaltmann) May 11, 2015
Failure to engage
Ahead of 12 December general election
Tapered annual allowance headache
Scottish Widows report
Faces substantial prison term