The European Union (EU) has appointed Lord Jonathan Hill as the new financial services commissioner.

Jean-Claude Juncker, European Commission President-elect, unveiled his new commissioners, who he had personally interviewed.

Juncker said: "Today I am presenting the team that will put Europe back on the path to jobs and growth. In the new European Commission, form follows function. We have to be open to change. We have to show that the Commission can change.

"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."

Once approved by the European Parliament, Lord Hill will start the newly created post of commissioner for financial stability, financial services and capital markets union, and will be responsible for the European supervisory authorities, including the European Insurance and Occupational Pensions Authority (EIOPA).

Regarding the announcement of the EU Commission portfolios, foreign secretary Philip Hammond said: " I particularly welcome Lord Hill's nomination as commissioner for financial stability and financial services, where he can help drive forward well regulated, secure, financial markets – an asset to the whole European economy, and which will help support jobs and growth.

"A properly regulated financial services industry is a vital economic interest for the whole UK – for London, for Edinburgh, for other towns and cities across Europe – and for the peoples of the EU too. It will be in good hands."

The National Association of Pension Funds (NAPF) congratulated Lord Hill on his appointment.

James Walsh, NAPF policy lead EU and international, said: "This is surprising and good news. No one expected the UK commissioner to be allocated the coveted financial services portfolio that includes responsibility for workplace pensions.

"Although issues such as the IORP Directive and Holistic Balance Sheet are unlikely to go away, today's news makes it much more likely that we will receive the good outcomes needed on these two crucial issues to secure the future of workplace pensions."

Barnett Waddingham corporate actuary Rowan Harris said: "This is fantastic news for UK pension schemes and their sponsoring employers. The UK Government has recently reiterated its opposition to European proposals, which could have damaging effects on UK pension provision, already among the best in Europe.

"We hope that Lord Hill will take a firm stance on this, recognising the valuable social role that occupational pension schemes play, along with the contribution of schemes and employers to long-term, investment and growth in the European economy."

First published 12.09.2014

monique_simpson@wilmington.co.uk