As a Conservative MP and former government minister, Mark Hoban has addressed the fallout from the 2008 financial crisis both from the opposition benches and a position of power. Between 2010 and 2012, he was Financial Secretary to the Treasury, having carried out the role as Shadow Minister since December 2005.

While the part he played in stopping the cheque being abolished made bigger headlines, it was his work leading the overhaul of financial regulation to ensure better protection for consumers that is perhaps more significant.

"In the aftermath of the financial crisis, there needed to be a regulatory response," he recalls. "First, we had toredesign the financial infrastructure, which we did with the creation of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA)."

Hoban says a lack of clarity over financial products on the market created the environment for misselling, which he reckons has been addressed by giving the new authorities powers that include banning products that do not meet certain requirements.

"Exporting these high standards reinforces the excellent reputation that our financial sector enjoys around the world"

The crisis also demonstrated that the world has become a smaller place when it comes to finance, adds Hoban. "Globally, people have had to recognise interconnectedness and that a financial crisis can be transmitted from one country to another faster than ever before," he says. "That's why it's right for the G20 to have given a co-ordinated response to the crisis."

For the Government, financial policy after 2008 has required a two-layered and measured approach, adds Hoban. "Over the last four years we've seen a post-crisis response, but also the evolution we would expect to see as financial markets change."

 Capital gains

Repairing the City's reputation is vital if London is to remain one of the world's largest and most respected financial centres, emphasises Hoban. "People choose to transact here because of the integrity and transparency that the City is renowned for and the way it's proportionally regulated."

He thinks the CISI has a huge role to play in raising and maintaining professional standards within the financial services sector.

The CV

Present: MP for Fareham and Vice Chairman of the All-Party Parliamentary Group for Wholesale Financial Markets

2012-13: Minister for Employment

2010-2012: Financial Secretary to the Treasury

2005-2010: Shadow Financial Secretary to the Treasury

2003-2005: Shadow Minister for Schools.

2001-2003: Opposition Whip and Member of the Select Committee on Science and Technology

2001: Elected as MP for Fareham

1997: First stood for parliament, contesting the South Shields seat

1985-2001: Worked for PwC and its predecessor firms after graduating from the London School of Economics

1980: Joined the Conservative Par"So many of our standards are exported, and exporting these high standards reinforces the excellent reputation that our financial sector enjoys around the world," he explains. "If you are studying for a CISI qualification in Singapore, you gain an understanding of, and a respect for how people in the UK financial industry act. As a result, you're more likely to want to work in that industry or trade with it."

Stirring the pensions pot

What happens in both the City and Westminster has a direct impact on the lives of Hoban's constituents in Fareham, where he has served as an MP since 2001. After serving as Minister for Employment from 2012 to 2013, Hoban left the Conservative front bench for the first time for 12 years, giving him more time to focus on his constituents in the South Coast market town.

This includes campaigning for a better deal for those who have saved for their retirement. "The area I represent is moderately affluent and there are many people who have been the Navy," he says. "We have a lot of people living here who live off their savings and who have been affected by the low rates of return.

"The next generation of retirees will be given more responsibility for how they save, and I think they need more help with how they can maximise their income for retirement." He says the post-Budget reforms on pensions, which will enable savers aged 55 and over to use their pension pots like bank accounts, should provide financial services providers with the catalyst to create better pensions products that will assist savers.

Hoban's constituency is also home to many high-tech businesses, and he's a big believer in the benefits of hyperconnectivity: the use of technology to develop sophisticated networks that connect people, machines and data. In financial services, it is reshaping how we save, invest, bank and borrow, according to Hoban, who was a member of the Select Committee on Science and Technology between 2001 and 2003.

"It challenges incumbents, makes it easier for new people to come into the market and means better outcomes for consumers and investors," he says. "P2P lending would not have been possible without hyperconnectivity. Building societies were an early form of P2P lending, but hyperconnectivity has enabled it to be reinstituted on a much larger scale."

Hoban acknowledges that new business models such as P2P lending and crowdfunding pose a challenge for regulators: "They're asking themselves, 'what are we regulating and how do we keep pace with developments'," says Hoban, but he believes regulators should embrace hyperconnectivity by creating an environment that promotes innovation rather than stifles it. He praises the FCA for setting up Project Innovate to help firms with new business models navigate their way through the regulatory process.

Private life

Although he has spent more than a decade in public service, Hoban's experience of working in the private sector has helped him see economic challenges from the perspective of those in the financial services sector.

After graduating with a degree in economics from the London School of Economics, Hoban qualified as a chartered accountant before working for PricewaterhouseCoopers (PwC) and its predecessor firms between 1985 and 2001, eventually becoming a senior manager during that time.

"I think my training, and the work I've done at PwC, has been hugely helpful to me in politics," believes Hoban. "You develop significant analytical skills in how to break down problems and understand regulatory architecture."

Cooking time

When he is not working, he loves to cook. "My new life as a backbencher means I have more time to do it!" says Hoban, who relishes the challenge of inventing dishes based on Mediterranean food and also enjoys making ice cream.

He loves to read, too, and is currently reading a book about the 30-year working relationship between two former US presidents, Richard Nixon and Dwight Eisenhower. "I read a lot of books on history and politics including biographies," he says. "I enjoy reading about Victorian politics and the First World War in particular."

Hoban lives with his wife, Fiona, in Locks Heath - a long way from where he was brought up in the North East of England, where he attended a comprehensive school in Durham. Hoban, who was Shadow Minister for Schools between November 2003 and December 2005, wants today's pupils to be given every opportunity to pursue a career in finance.

"I think we need to open pupils' minds to the opportunities on offer in the financial services industry and show them that it's not just about banks," he says. "One of the things I've looked at is, how do you find alternative routes into financial professions other than through graduating from university? We've seen apprentices do well in industry such as law, and we need to recognise that not everyone who might want a career in finance wants to enter higher education."

He may have left the Government, but Hoban remains committed as ever to making a difference to the world of finance.