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Moonlighting MPs: The politicians with second jobs in financial services

Former Tory chief whip Andrew Mitchell has been hired by Investec as a senior strategic adviser earning £60,000 a year for 10 days work. 

Alongside serving as an MP for Sutton Coldfield, Mitchell will work almost a day a month for the bank. 

The revolving door of former FCA regulators joining banks and accountancy firms has created understandable hostlilty from advisers but it is also worth taking a look at the MPs with commercial interests associated with financial services.

Every MP working in financial services is a Conservative with some working up to nine hours a week and earning hundreds of thousands of pounds in outside income.

All data is published on the House of Commons’ register of members’ financial interests and only includes regular remunerated employment for financial services firms:

 

MP for Cardiff North Jonathan Evans

Jonathan Evans earns £110,000 a year for 14 hours work a month as non-executive chairman for Phoenix Holdings including Phoenix Life Assurance, National Provident Life and Phoenix Life.

Evans is an FCA approved person and chairs monthly board meetings in London as well as regularly advising the firms’ executive officers.

Until 3 December 2012, he was non-executive director and chairman of London Life Limited and Phoenix Pensions.

Until 7 August 2013 I was also non-executive director and chairman of NPI.

On the register of members’ interests, Evans says: “These companies are long established life assurance and pensions companies, closed to new business and now owned by Phoenix Group (formerly Pearl Group) of which I was group chairman from 2005 to 2009.”

MP for Cities of London and Westminster Mark Field

Mark Field works as an adviser to Cains Advocates, an international law firm, assisting with its international strategy, ambassadorial work and advising on Government and parliamentary aspects of financial services.

He is paid around £40,000 a year for approximately 10 hours a month work.

MP for North East Somerset Jacob Rees-Mogg

Jacob Rees-Mogg is director of investment management firm Somerset Capital Management LLP.

He was paid around £134,400 in the last year for 35 hours a month work at the firm.

MP for Sutton Coldfield Andrew Mitchell

Investec has hired Andrew Micthell for £60,000 a year for 10 days week. The former Chief Whip was forced to quit the cabinet last year after he was accused of swearing at a policeman and calling them “plebs”.

MP for Mid Sussex Nicholas Soames

Nicholas Soames is a senior adviser on insurance and related financial services to insurance broker and risk advisers, Marsh Group .

He attends meetings and advises on business opportunities and earns £92,880 a year for 15 hours a month.

MP for Tonbridge and Malling Sir John Stanley

Sir John Stanley is a consultant on financial services to Fidelity, attending meetings as necessary and advising on business opportunities and risks.

He earns £21,600 a year for between five and eight hours per month.

MP for Louth and Horncastle Sir Peter Tapsell

Peter Tapsell is an international adviser to the Mitsubishi UFJ Trust and Banking Corporation (Japan); a Japanese Trust Bank in both Japan and overseas.

He earns £30,000 a year, paid semi-annually, for around 10 hours work a month.

MP for North Herefordshire Bill Wiggin

Bill Wiggin is a non-executive director international finance firm Philip T English International Financial Services.

He earns approximately £5,000 a year for 60 hours work a year.

MP for Rochford and Southend James Duddridge

James Duddrige is an adviser on strategy and business development to  Wilcocks & Associates, a financial planning firm in Liverpool.

Duddridge receives £6,000 a year for an expected commitment of approximately one day per month.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. So tell us something we don’t know.

    We know that the majority of those in Parliament make a nine bob note look feasible.

    On the other side you have those who get an income from Trades Union, Green Organisations, foreign governments and anyone or anything they think will stump up a few bob to have an ‘in’ in Westminster.

    The alongside this lets have a list of the expenses these people filch and you then get a much clearer idea of how truly venal they really are. Even if they are not earning now they are then probably setting themselves up for when the leave Westminster – a la our dear Tony who will now advise the devil himself – as long as he paid the fee.

  2. “The revolving door of former FCA regulators joining banks and accountancy firms has ceated[sic] understandable hostlilty from advisers”

    I’ve never understood this logic. Banks and accountancy firms, like any other business, want to fill their ranks with employees who can give them the best possible commercial advantage. Considering the regulatory environment they operate in, it makes business sense to hire people who can bring experience of the regulatory process to the firm.

    It’s exactly the same principle as a local advisory firm realising they need a new paraplanner and so hiring someone from a life office. You wouldn’t hear anyone complaining about “Oh they’ve got L&G on their CV, they’re going to bring a working knowledge of those procedures along with experience in this industry to our firm – that’s an outrage.” Exactly the same applies to ex-regulatory workers. They have knowledge and skills on their CV that make them employable and, therefore, they take jobs with firms who will benefit.

  3. £110,000 for 2 days a month??!! Nice work if you can get it!!

    There’s a huge difference between the contributions paid by Trade Unions to Labour MPs and the kind of financial largesse laid out here. It’s wrong to try and equate the 2.

  4. Not news as such as we are all aware this goes on but what an extortionate rate of pay some of these guys are being paid. They want to try surving on lenders proc fees for a living!!!!

  5. I don’t think the issue is them having an advisory role as such, more the ridiculous amount they get paid for it.

    Madness

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