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Kelly keeps control of financial services

Ruth Kelly was promoted to Treasury financial secretary in last week&#39s cabinet reshuffle but has retained responsibility for retail financial services.

The decision to keep Kelly in charge of the industry is a first in recent memory as normally a minister&#39s responsibilities change when they change titles.

Industry sources say the move is an indication of Kelly&#39s performance over the last year.

At a time when financial services has become very important to the Government, it is thought that Chancellor Gordon Brown wants someone he can trust in charge of the portfolio.

Kelly, thought by many to be a supporter of Brown, has earned the respect of the industry.

Traditionally, the financial secretary is responsible for Customs & Excise but this will be divided between new economic secretary John Healey and paymaster general Dawn Primarolo.

Cicero Consulting director Iain Anderson says: “Brown probably feels Kelly has handled the retail financial services industry quite effectively. We have had five ministers responsible for the industry in five years and this is the first time in recent memory that a financial secretary will be responsible for the industry.”

Britannic Retirement Solutions head of corporate affairs Jim Boyd says: “No prudent administration would consider taking responsibility for the industry away from such a capable minister.”

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