The one-time financial secretary to the Treasury and MP for Fareham, was not known for extending support towards IFAs.
Before being shunted to the department of work and pensions as employment minister last September, Mr Hoban had been involved in debates over the RDR.
In a Westminster Hall debate on the potential effects on small IFAs of the RDR proposals on qualifications and commission payments, back in 2010, Mr Hoban caused an outcry when he said: “The current minimum financial adviser qualification is at the same level as a diploma in shift management offered by McDonald’s.
“The products being sold by IFAs are infinitely more complex and more long-lasting in their effect than a Big Mac”.
Further moves in the latest cabinet reshuffle include Mark Prisk, former housing minister, who is also standing down.
In September 2012, Mr Prisk took over as housing minister from Grant Shapps, who became chairman of the Tory party last year.
Richard Benyon MP is also standing down.
Good news on the pensions front - so far Steve Webb remains in place as pensions minister and there have been no movements to replace Gregg McClymont as shadow pensions minister.
However, Ed Miliband has also reshuffled his team, with Rachel Reeves set to replace Liam Byrne as shadow work and pensions secretary, while Emma Reynolds will replace Jack Dromey as shadow housing minister.
