Greg Clark, a minister in the Communities and Local Government department, has taken over from Mark Hoban as financial secretary to the Treasury, as part of the government reshuffle.
His appointment came after Hoban was moved to the Department for Work and Pensions to take over Chris Grayling's role as employment minister.
In David Cameron's first major reshuffle, the Treasury has also welcomed London Organising Committee of the Olympic and Paralympic Games CEO Paul Deighton, who will become minister responsible for economic delivery.
In another key move which will affect the financial services, Mark Prisk has been appointed as the government's housing minister after Grant Shapps was promoted to Conservative Party co-chairman.
Clark (pictured) joins the Treasury at a time when it is steering the Financial Services Bill through Parliament, as well as overseeing key reforms to the banking sector.
His predecessor, Hoban, has held the role since the coalition was formed in 2010, as has often antagonised the advisory community with his stance on the Retail Distribution Review.
In October 2010, he said the existing minimum qualifications level for advisers was "at the same level as a diploma in shift management offered by McDonald's".
He had been set to appear before MPs on the Treasury Select Committee today, as they hear evidence on the Money Advice Service, although it has now been confirmed that another minister will appear "in the coming weeks".
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