Ros Altmann set for peerage and ministerial post under Tories
As part of the role Ms Altmann would carry out a review of financial fairness for consumers, focusing on a potential cap on fees on pension products, improving rights for older consumers in the mortgage market and developing the Pension Wise advice service.
She said: “David Cameron and George Osborne have offered me the opportunity to become a minister with responsibility for financial consumer protection and financial education.
"Following on from the pensions and savings reforms introduced in the past year, I know how important it will be to ensure that customers are treated fairly by the large financial companies.
"I also believe it is vital to roll out financial education to everyone, not just those nearing the end of their working life, as well as checking that all fees and charges are fair and clear.”
Ms Altmann also praised George Osborne's pension reforms saying they had “proved to me that the Conservatives really do care about all savers, not just the wealthiest."
“They really do seem to want to make long-term savings work for the many, not just the few at the top.
“The wealthiest already had the freedoms and flexibility that are now open to everyone, but of course we now need to ensure financial services firms move with the times and adapt to the new environment.
“The reforms to savings and pensions in the past year have been so exciting. At last, we have had ministers who were willing to stand up to powerful financial firms to break their stranglehold on people’s pension savings,” she added.