Mortgage News
Lord Hill wins battle to become EU financial services commissioner
European Parliament has given the green light for Lord Jonathan Hill to be European Union (EU) financial services commissioner, despite facing tough questioning from sceptical MEPs.
His appointment was approved on 8 October by the majority of the vetting committee.
He was given the go-ahead by 45 committee members while 13 voted against him taking charge of the financial stability, financial services and capital markets portfolio.
The decision by incoming commission president Jean-Claude Juncker to carve out financial services from the The Directorate-General for Internal Market and Services to establish this powerful new portfolio is expected to be hugely significant for reform of Europe’s financial markets.
The news will come as a relief to UK politicians and financial services firms after Hill’s failure to impress at his first hearing last week led MEPs to recall him for a second hearing. He gave a better performance at Tuesday’s hearing as he vowed to help prevent Britain from leaving the EU.
While his appointment is good news for the UK, Hill will have to act in the interests of the EU. Indeed, the main concern of MEPs has been over his deep connections to the Conservative Party.
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Hill will formally take office once Juncker’s entire new team has been approved in a vote on 22 October. The new commission is not expected to replace the former team until December at the earliest, however.
Hill’s appointment has also been hailed as a winner for the UK pensions industry.