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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.”

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