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DSS facing the axe in Whitehall department shake-up

The DSS is set to be abolished if Labour secures a second term in

Government, with pension policy likely to shift to a new department or even

the Treasury.

Speculation is mounting that there will be a reshuffle and rejigging of

Government departments, with reports that the DSS is will be replaced. Some

believe it will be rolled into the Treasury while others say it will become

part of a new Ministry for Work and the Family.

Such a ministry would combine welfare and education, and is likely to be

headed by Alastair Darling, who, as Social Security Secretary, was

responsible for stakeholder. Patricia Hewitt, who IFAs will remember as a

former Economic Secretary to the Treasury, is thought to be another

possible contender.

The most recent Treasury Economic Secretary Melanie Johnson is widely

expected by lobbyists to lose her job, with Ruth Kelly who has a background

in the financial services industry tipped as a possible replacement.

Pensions minister Jeff Rooker has been made a peer and it is uncertain

whether a replacement will be appointed

Jackson Consultancy managing director Ralph Jackson says: “There are going

to be structural changes at the DSS but it is not clear how these will work

out. The likely majority does not mean that it will not have a difficult



Jupiter spins out portfolio service

Jupiter Asset Management has entered the multi-manager marketwith the Jupiter portfolio service. The three fund of funds each giving investors access to between15 and 20 funds. Investors can choose from the worldwide portfolio trust, the growth portfolio trust and the income portfolio trust. The three portfolio trusts have been designed to cater for different investment […]

Bristol & West making it Easy with flexi mortgages

Bristol & West is offering a new range of flexible mortgages. The Easyflex loans include features such as payment holidays,underpayments and overpayments,a drawdown facility, daily interestcalculation and no early repayment charges. Mortgages include Easyflex Total, which has all the above features,Easyflex Overpay, which only allows for overpayments, Easyflex Self Certfor the self-employed and EasyFlex Buy […]

Friends Ivory & Sime to launch new funds

Friends Ivory & Sime is set to launch two new fund of funds products later this year, in a bid to build its presence in the growing multi-manager market.The products are likely to be technology and green funds of funds.FI&S says it will look to launch the products once it has replaced its multi-manager team, […]

Northern Rock and L&G in reissue of combined account and bond

Northern Rock and Legal & General are teaming up to launch an instantaccess savings account offering fixed interest of 7.05 per cent alongsidean investment bond. The companies say the offer follows the success of previous issues of theBalance Choices account. Policyholders are offered a guaranteed return on the instant accessaccount until July 1, 2002 together […]


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