LONDON (Reuters) -British lawmaker Andrew Griffith was re-appointed as the government's City Minister on Thursday, in addition to being named Economic Secretary to the Treasury under new Prime Minister Rishi Sunak.
Griffith confirmed on Twitter that he was retaining the City Minister position - a key liaison role between the financial sector and government.
Sunak's office earlier announced he would be the Economic Secretary to the Treasury, which is a ministerial role within the finance ministry responsible for tax policy and customs.
Griffith, who was appointed City Minister in September by then Prime Minister Liz Truss, will continue to oversee a sweeping financial services and markets bill (FSMB) now being approved by parliament.
The bill implements post-Brexit reforms to insurance capital rules, to regulate stablecoins and give regulators a new objective to aid the financial sector's global competitiveness.
John Glen, a former City Minister who did much of the work in drafting the FSMB, has been appointed Chief Secretary to the Treasury.
The Bank of England, however, has pushed back strongly against the finance ministry's plan to give itself a power in the FSMB to veto rules written by regulators, if in the public interest.
Griffith has said the exact wording of the new power would be published in coming weeks. The finance ministry has indicated there is a further package of financial reforms in the pipeline.
(Reporting by Muvija M and Huw Jones; editing by William James and Nick Macfie)