UK crowdfunding platform CrowdBnk has appointed former treasury minister Ian Pearson as its new chairman.

UK crowdfunding platform CrowdBnk has appointed former treasury minister Ian Pearson as its new chairman. Pearson replaces Rob Taylor, who stepped down following his appointment as head of wealth management and private banking at the Financial Conduct Authority.

Since retiring from politics in 2010, Pearson has worked in strategy and business development for major organisations. He is a member of the Advisory Board of PwC, Chairman of OVCT2, and a senior adviser to Avanti and GK Strategy.

Crowdfunding is, according to one definition, the collective effort of individuals who network and pool their money, usually via the Internet, to support efforts initiated by other people or organisation. The UK financial regulator, the Financial Conduct Authority, is examining the sector and has set out new rules to prevent abuses. Some members of the industry fear the watchdog's zeal could hit this flourishing area. (To see more on the issue, click here.)

During his time in government, Pearson was responsible for a wide range of economic and financial issues, science and research funding, as well as board level interaction across key sectors of the UK economy including banking, energy and renewables, space, automotive and engineering.

Prior to becoming a minister, Pearson was a non-executive director of GLE Capital and was joint-CEO of WMEB Group, which provided venture and growth capital to small and medium sized companies and consultancy to a range of public and private clients.

CrowdBnk was launched in 2012 to address the lack of financing available to companies in the UK and allows people to raise funds for their ideas or business by offering equity or rewards in return.