Nicky Morgan promoted to financial secretary as Javid heads for cabinet

Nicky Morgan has been appointed financial secretary to the Treasury, replacing Sajid Javid, who was yesterday promoted to culture secretary.

Formerly economic secretary to the Treasury, Morgan is now responsible for financial services policies, including financial conduct and the FCA, and financial services reform and regulation, including the PRA.

Javid joined the cabinet as culture secretary after the resignation of Maria Miller over an expenses row.

Javid was the minister for insurance, and spoke at Biba’s conference and the launch of its 2014 manifesto in parliament in January.

Biba chief executive Steve White told Insurance Times: “We always thought of him as a rising star and the world is now waking up to having a star in midst – it’s look like he’s heading to the top.”

“Sajid was a minister that we liked, had a lot of time for, and had a good understanding of the broking sector, was very supportive around signposting and the Insurance Growth Action Plan.

“His new role bring equalities within his remit and signposting was something born out the Equalities Act, so there is continuity.”

White met Morgan and economic secretary Andrea Leadsom while they were campaigning in the 2010 election and has asked to meet them again.

But he stressed there would be a continued relationship between the trade body and government as the civil servants with whom Biba has most sof its meetings remain unchanged.

Morgan is also the minister for women and attend cabinet meetings in that role.