The International Regulatory Strategy Group (IRSG) has appointed former City Minister, Mark Hoban, as its new Chairman. Mark will succeed Rachel Lomax to the role in February 2016 at the end of her three year term.
The IRSG – a body jointly sponsored by TheCityUK and the City of London Corporation – comprises senior practitioners from across the financial and related professional services industry and focuses on the promotion of regulation that encourages open and competitive markets across Europe. Mark will chair the IRSG's work on strategic and technical regulatory issues. Recent priorities of the IRSG include the development of a Capital Markets Union, MiFID II and tax, specifically in relation to the proposed Financial Transactions Tax (FTT).
Commenting on his appointment, Mr Hoban said,
I am very pleased to be taking up the role of Chairman of the IRSG at this crucial time for London and the UK as an international financial centre. My term as Chairman will be dominated by the EU referendum and the recalibration of regulation post-crisis. Working with the members of the IRSG, TheCityUK and the City of London Corporation, I want to set a policy agenda that enables the financial sector to flourish while serving the wider economy. I want to build on Rachel's excellent work over the last three years establishing the IRSG as the leading cross-sectoral industry group in Europe.
Chris Cummings, Chief Executive, TheCityUK said,
We are very pleased to appoint a Chair of Mark’s calibre to succeed Rachel. It is vital that our markets are properly, but not overly, regulated and the IRSG plays an important role in making that case in Brussels and across the EU.
Mark Boleat, Chairman of Policy and Resources Committee, the City of London Corporation commented,
The work of the IRSG is well respected by policymakers, regulators and industry stakeholders in the UK and the EU and Mark’s expertise and experience make him an ideal successor to Rachel. His knowledge of the industry, relationships with key stakeholders and his proven track record in regulatory change will bring a wide range of benefits to the group.
Mark will also join the Board of TheCityUK. He is Chairman of the Board for Flood Re. He also sits on the Board of the London Stock Exchange Plc and is a senior adviser to Markit, a leading international financial information provider. He was previously the Member for Parliament for Fareham and during his time in Parliament, served as Minister for Employment (2012-2013) and as Financial Secretary to the Treasury (2010 – 2012).