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Myners is City minister

Former Gartmore chairman Paul Myners is stepping down from his role as personal accounts delivery authority chairman to take on the newly-created position of financial services secretary.

Myners, who has also been given the title of City minister, will sit on Gordon Brown’s new National Economic Council comprising ministers and business figures and which will meet frequently to tackle the financial crisis.

The Government reshuffle sees Ian Pearson become Economic Treasury Secretary and under secretary for the Department for Business as Brown plans for greater co-operation between the two departments.

Former Economic Treasury Secretary Kitty Ussher become under secretary at the DWP.

As well as stepping down from his position as Pada chairman, Myners is to relinquish his position as director at the hedge fund GLG Partners.

Myners was responsible for producing a report on pension fund payments of soft commissions to brokers who bought shares on their behalf.

At one stage he questioned IFA commission, paving the way for a retail version of his review to later be conducted by Ron Sandler. He later commented on the valuable role provided by IFAs to Money Marketing.

Cicero Consulting director and chief corporate counsel Iain Anderson notes: “The appointment of someone who deeply understands the issues facing the financial services industry has to be beneficial.

“Clearly, the Government is trying to join up financial services policy between the Treasury and the Department of Business Enterprise and Regulatory Reform as Ian Pearson will work as economic secretary across both of the departments.”


Home to roost

The deaths of most mortgage products have been heralded over the last few weeks as deals are withdrawn and more lenders leave the table. Last week, Moneyfacts revealed there are only 3,469 products left in the UK, down from more than 13,000 in August 2007. But are all the mortgage sectors still breathing and what can we expect in the future? Money Marketing asked advisers and mortgage providers for their thoughts on the current state of mortgage products.

A switch in time

Over the past few years, the UK financial advice market has witnessed huge growth in the use of platform offerings. This has been fuelled by the impressive number of benefits that platforms offer to both advisers and their clients.

Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.


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