Meet the new City minister - a former Barclays anti-money laundering chief

Mark Sands
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The Square Mile - London's Financial District
Barclay has been a Tory MP since 2010. (Source: Getty)

Prime Minister Theresa May has finally appointed a new City minister, and this time it's a former banker.

Ex-City minister and former nightclub entrepreneur Simon Kirby lost his seat of Brighton Kemptown at the General Election, and while other ministerial appointments have been confirmed, Kirby had yet to be replaced.

However, the uncertainty has come to an end with the appointment of Tory MP and Brexiteer Stephen Barclay.

A former solicitor, Barclay has worked at Axa and former City watchdog the Financial Services Authority, as well as helming regulatory affairs and anti-money laundering work at Barclays.

First elected in 2010, he has spent much of his time in parliament sitting on spending watchdog the Public Accounts Committee.

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It is not known whether Barclay will hold responsibility for liaising with the City on Brexit negotiations.

Kirby was stripped of that responsibility in March, with the EU role going to Baroness Neville Rolfe taking over.

However, Neville-Rolfe has also stood down from government following the election result.

The Treasury has been contacted for comment.

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