Sir David Cooksey has been appointed as chairman of UK Financial Investments Limited (UKFI), the company set up to manage the Government’s stakes in the banks

On 1 August, Cooksey will replace Glen Moreno, who has served as acting chairman of UKFI since Sir Philip Hampton moved from UKFI to become chairman of the Royal Bank of Scotland in January.

He will be paid a flat fee of £100,000 per annum with no bonus or pension entitlement

Cooksey said: “I am pleased to be to taking on this important and challenging role. The taxpayer has made a substantial investment in the banks in order to preserve financial stability