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Big Labour majority on annuity committee will kill bill

The cross-party committee of MPs has been named to consider

Conservative MP David Curry&#39s private member annuity reform bill next


MPs will debate the bill line by line and raise amendments but the

Government is expected to use its majority on the committee to kill

the bill by dragging out the debate. Labour has 10 members. the

Tories four and the LibDems one.

The bill has got this far after the Tories used guerrilla tactics to

defeat the Government at the second reading of the bill three weeks

ago. Private members&#39 bills rarely get to the committee stage of the


The committee includes a number of MPs known for their interest in

financial services, including Treasury economic secretary Ruth Kelly,

Tory shadow paymaster general Howard Flight and former Labour welfare

reform minister Frank Field.

Curry says: “We do not know whether the Government intends to engage

in a proper debate about the bill or just attempt to stifle it. The

Government is hostile to this bill and will at some stage kill it.”


Host closes branches and cuts admin after Aim flop

IFA Host Partnership is closing down its branch network and scalingback its admin support, blaming a poor response to its proposed Aimflotation.The move, which Host describes as a change to its charging structure,will see the closure of 13 regional offices and around 100 RIslooking for new premises by the end of February.Host parent HST Financial […]

Investment view

T. Rowe Price, a noted growth investor, once remarked that change isan investor&#39s only certainty. This most certainly applies at present.In this industry of ours we are having to come to terms with theending of polarisation and a new, more demanding regulatory regime –to say nothing of the fact that markets presently deliver fewfavours. With […]

Myners heading for the Big Apple

Former Gartmore chairman Paul Myners has been elected to the boardsof the Bank of New York Company and its subsidiary the Bank of NewYork with effect from March.Myners left Gartmore in November after 16 years with the firm, inwhich time he oversaw the firm&#39s sale by parent NatWest to US lifeinsurer Nationwide.However, Myners is probably […]

Pru bids to be leader For intermediaries

Prudential believes it can become the number one intermediary lifeoffice as rivals face a day of reckoning because they are not writingprofitable business.Director UK intermediaries Tony Kempster, speaking at the company&#39ssales conference this month, said he believed the strategies adoptedby some of Pru&#39s plc and mutual rivals were not sustainable in thelong term.He believes rivals […]

The savvy consumer

In last year’s FCA thematic review of the mortgage market, one of the key things highlighted was the “savvy consumer”. That’s the client who comes in the door with a very clear idea of what they need and expect you to get them it. They don’t think they need advice, they have after all consulted […]


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