Recognition for the financial and accounting world was fairly slim in a New Year Honours List dominated by Olympians and sport stars.

The hugely successful Olympians were not the only people to be recognised. Beyond the track and velodrome, those behind the scenes were also recognised as David Goldstone, finance and programme director of the Government Olympic Executive was given an OBE for services to the financial administration of the London 2012 Olympic and Paralympic Games, as was his colleague Richard Harman, head of financial control.

Hector Sants, former head of the Financial Services Authority, who was CEO during the worst of the financial and banking crisis, was knighted for services to financial services and regulation.

Also rewarded in the New Year honours list is Mridul Hegde, the former director of financial stability at the Treasury who is given the Order of Bath for services to the stabilisation of the British banking system. Hegde is now executive director of strategy at the Financial Reporting Council (FRC).

Sir Alan Budd, who agreed to leave retirement to set up the Office for Budget Responsibility (OBR) is given a GBE (Knight Grand Cross).