Sandy Crombie is one of a number of business people to receive honours
Standard Life boss Sandy Crombie has received a knighthood for services to insurance in the New Year Honours.
Entrepreneur Peter Jones, who appears on BBC TV's Dragons' Den, is among the other business people on the list.
The first black person to own a business on Savile Row, tailor Andrew Ramroop, is made an OBE.
Nick Macpherson, permanent secretary to the Treasury, becomes a Knights Commander of the Order of the Bath for his work on the financial crisis.
An official statement spoke of his "extraordinary work in response to the crisis in the financial services industry", including the nationalisations of Northern Rock and Bradford & Bingley.
There had been speculation that fewer financiers would receive honours after taxpayers had to bail-out failing banks after the credit crisis.
While no one from the commercial banking sector appeared to be named in the New Year Honours, the government played down the reports and stressed the successes of the business people on the list.
The Cabinet Office said 14% of those recognised work in the fields of business and economics.
Standard Life, which has not received government support, has said it had enjoyed a successful year with profits in the first-half of 2008 increasing 51%.
Sir Sandy said: "I'm obviously delighted and very proud to have received this recognition.
"However, I cannot accept this award without paying tribute to my family for their support, and to everyone at Standard Life who has contributed to the company's success."
David Jones, who the Cabinet Office said had transformed retailer Next from a £25m to a £4bn company, receives a knighthood for his business and charity work.
Mr Ramroop, who founded an academy for young tailors, said he was "gobsmacked" and "deeply honoured" to be appointed an OBE.
"One doesn't expect a humble tailor to be recognised in this way," he said.
"I hope it serves as an inspiration to young aspiring tailors," he said.
Reacting to the news of his "truly amazing" CBE for services to business, entrepreneurship and young people, TV Dragon Peter Jones also said he hoped it would mean something to future generations of entrepreneurs.
"Here's to all those who have but a dream," he said.
There are also CBEs for:
• Priscilla Snowball, chair and chief executive of advertising group Abbot Mead Vickers, for services to the advertising industry
• Wynne Griffiths, boss of Young's Seafood, for services to the food industry
• Robert Holden, chief executive of London and Continental Railways, who oversaw the restoration of St Pancras Station, for services to the rail industry
In recognition for his work on corporate social responsibility, Jonathan Adnams, executive chairman of Suffolk brewer Adnams, becomes an OBE.