Lord Jonathan Hill of Oareford was named commissioner for financial stability, financial service and capital markets union at the European Commission.
Mr. Hill will be responsible for the three European financial supervisory authorities, including the European Insurance and Occupational Pensions Authority.
He was named as part of European Commission President-Elect Jean-Claude Juncker's new team of 27 commissioners and vice presidents.
Mr. Juncker has created a number of new “portfolios” of coverage for his commissioners, including Mr. Hill's responsibility. Mr. Hill's post is a newly created directorate-general, according to a statement by the European Commission, and is tasked with ensuring the commission remains "active and vigilant in implementing the new supervisory and resolution rules for banks."
Mr. Hill has been leader of the House of Lords in the U.K.
Spokesmen for the European Commission could not be reached for comment by press time.