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Greg Clark replaces Hoban in Treasury reshuffle
Greg Clark has been appointed financial secretary to the Treasury, replacing Mark Hoban as part of the cabinet reshuffle.
Clark was the minister for cities and decentralisation and planning. He has been appointed to the Treasury after Hoban's move to the Department for Work and Pensions (DWP) to become employment minister.
Hoban was a controversial financial secretary to the Treasury, angering advisers when he likened advisers’ pre-retail distribution review qualifications to those of McDonalds shift workers in October 2010 and again causing controversy when he pointed the finger at advisers for the Arch Cru debacle and told investors to challenge their IFAs for compensation in October 2011.
Hoban also oversaw the restriction of annual pension contributions to £50,000 and a lowering of the lifetime allowance to £1.5 million. This was one of the coalition’s earliest policy annulments and replaced Labour’s uncompleted introduction of a complex taper on relief for those earning over £150,000 a year.
He also announced the government’s review into simplified products in October 2011 which led to a proposition of kitemarking simplified products in August this year.
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