The Bank of England (BoE) has named Sir John Cunliffe, currently the UK Permanent Representative to the European Union, as deputy governor for financial stability, replacing Paul Tucker.
Cunliffe, who starts on 1 November, will have an official title of deputy governor of the Bank of England with responsibility for financial stability.
He will be responsible for ensuring the safety and stability of the UK's financial sector and will sit on the Bank's Court of Directors, the Financial Policy Committee, the Monetary Policy Committee, the Board of the Prudential Regulation Authority, and will represent the Bank on a number of national and international bodies.
Cunliffe has been appointed to replace Paul Tucker [pictured], who announced on 14 June that he would step down from his post as deputy governor for financial stability in the autumn.
Chancellor George Osborne said: "With his extensive experience in economic and financial policy, and very strong record of service at the highest levels of government in this country and internationally, Sir Jon Cunliffe will be an outstanding Deputy Governor of the Bank of England.
Avoids paperwork with two-step process
Investment process will use machines
Mark Sterling accused of operating a collective investment scheme without authorisation
'Increasing engagement will only favour those prepared to put in the effort'