Lucy Rigby becomes UK City Minister

Britain's new Prime Minister, Andy Burnham, has appointed Lucy Rigby as the UK's new City Minister, thereby positioning the country at the front of the policy for financial services. The move takes place amid continuity in the government's strategy to manage one of the UK's most crucial industries, with Lucy having previously served in a similar position to former Prime Minister Keir Starmer.

Lucy will be responsible for government policy relating to the banking, insurance, asset management and fintech sectors as City Minister. She will also be appointed the Economic Secretary to the Treasury, which will see her expand her role to include involvement in the UK's financial and economic policy-making. In the Treasury, Lucy will be involved in the development of policies that help to secure a stable financial system, and foster growth and innovation in the sector.

Lucy has valuable experience in the role. She was lastly appointed as the Chief Secretary to the Treasury in May 2026. Previously, she served as the City Minister from September 2025 to May 2026 under Keir Starmer's government. Her previous experience gave her rich experience of financial regulation with first-hand knowledge of the institutions that underpin the UK's financial services.

As the new regulator, Lucy will be charged with upholding the regulatory regime of financial institutions and with keeping government policies attuned to the evolving needs of the sector. She is tasked with overseeing all commercial and retail banking, insurance companies, investment firms, asset managers and fast-growing fintech companies. The City Minister has a critical responsibility in keeping the financial markets regulated and balanced, reflecting the current digital transformation and technological innovation, in order to ensure stability and competitiveness.

Lucy will also be the main point of contact for the UK government with the City of London, one of the world's leading financial centres. The responsibility includes keeping close contact with the financial institutions, industry associations, investors and market players and advocating the government's agenda on issues relating to the sector. The UK's international financial reputation is seen as relying on good co-operation between industry and policy makers to maintain investor confidence.

Key Highlights

• Lucy Rigby returns as UK City Minister overseeing financial services
• Will supervise banking, insurance, asset management, and fintech regulations
• Also serves as Economic Secretary within the UK Treasury

Lucy’s  appointment follows Prime Minister Andy Burnham as he starts to assemble the economic leadership team of his new government and details its growth agenda. The financial services industry is a significant source of national output, jobs and tax revenues, and is also an important driver of international investment, making robust regulation of the industry a vital part of the UK's overall economic policy.

Lucy has extensive Treasury leadership and financial services regulatory expertise and is well qualified to help the government enhance the UK's ability to be a global financial hub. As City Minister and Economic Secretary to the Treasury she is at the heart of decision making on financial regulation, market development and with industry leaders.

With the government's economic agenda, Lucy will be crucial in helping to keep the UK's financial services sector robust, competitive and agile to seize new opportunities. Her appointment will further place emphasis on the government's determination to maintain a close relationship with the financial sector, its desire to promote long-term economic growth and its commitment to keeping the UK one of the world's premier financial centres.