European Commission President-elect Jean-Claude Juncker has handed the role of financial services commissioner to the UK.
Former leader of the House of Lords Jonathan Hill has been appointed to manage the financial stability, financial services and capital markets union portfolio.
France has also been given a key role, with former French finance minister Pierre Moscovici handed the economic and financial affairs, taxation and customs portfolio.
Juncker says he has selected a team that will “put Europe back on the path to jobs and growth”.
He says: “In these unprecedented times, Europe’s citizens expect us to deliver.
“What I present to you today is a political, dynamic and effective European Commission, geared to give Europe its new start. I have given portfolios to people – not to countries.
“I am putting 27 players in the field, each of whom has a specific role to play – this is my winning team.”
Pinsent Masons partner Tony Anderson says: “This is good news for the City and ultimately a sensible decision given the UK’s key role in global financial markets.”