Scottish accounting trade body ICAS has appointed Lord John McFall to its council as a public interest member following Stagecoach co-founder Sir Brian Souter’snomination as vice president of the institute.

Lord McFall, 70, was made a peer in 2010 following 23 years as a Labour MP for Dumbarton and then West Dunbartonshire.

He is a member of the House of Lords Economic Affairs Committee, focusing on the future of the UK economy, investment in jobs and growth, banking and pensions and where he earned his reputation as the “scourge of the bankers” as he challenged the conduct of bankers and regulators during the global financial crisis.

He has also chaired the Workplace Retirement Income Commission, which recently called for a better pensions deal for public sector workers and was a member of the Parliamentary Commission on Banking Standards.

Lord McFall said: “ICAS has a long and distinguished history in developing the expertise and professionalism of young accountants, who have gone on to excel both nationally and globally.

“As chairman of the House of Commons Treasury Committee and subsequently as a member of the independent Parliamentary Commission on Banking Standards, I have been intimately involved in the drive for enhanced professionalism and a deeper recognition of the interests of wider society.”