View more on these topics

Advisers rue Reeves’ departure from role

Advisers have slammed Labour’s decision to promote Rachel Reeves from her role as Shadow pensions minister, saying it shows that the party is not taking the pension crisis seriously.

In a Shadow Cabinet reshuffle last week, Reeves (pictured) was appointed the new Shadow Treasury financial secretary. She has been replaced after less than a year in the role by MP for Cumbernauld, Kilsyth and Kirkintilloch East Gregg McClymont.

Labour changed its pensions minister 13 times since it came to Government in 1997.

ARK Financial Planning director Philip Stevenson says: “Labour does not seem to have any interest in this position, which really affects the industry. That has been shown by the high number of pensions ministers under the last Labour government. We had 13 years of a Labour Government, staring down the barrel of a pension crisis, that did nothing because tackling it is hugely unpopular and costs votes. It looks like Labour is not serious about dealing with it.”

Reeves is seen as a rising star in the party and has been tipped as a future leader. Access Wealth Management partner Jim Clancey says the pension brief would have been a good place for her to prove her mettle.

He says: “We know pensions is a problem and a capable person who understands the issues is what is needed. Reeves should have stayed to get this sorted rather than being promoted for the party’s benefit.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm