View more on these topics

O’Donnell wants levy for Treasury work

Former Cabinet Secretary Lord Gus O’Donnell says the Treasury should consider levying financial services firms to fund its work in the financial sector.

Giving his first speech as a peer during this week’s Lords debate on the Financial Services Bill, O’Donnell said the Treasury is in danger of being “swamped” by its workload.

He suggested civil servants working on financial services regulation for the department should be funded through an industry levy to reduce the burden. This would exclude the responsible minister, which is currently Treasury financial secretary Mark Hoban.

O’Donnell, known during his time in Whitehall as GOD, said pay in the department is too low and staff turnover too high, adding it is vital that the Treasury attracts and retains the best staff. He said the “imbalance” between its resources and those of the industry needs to be addressed.

He said: “It is in danger of being swamped by the pressures placed upon it. To avoid this being at the expense of the taxpayer, perhaps the part of the Treasury dealing with financial services and stability should be funded in the same way as the Bank of England and the FSA, namely by the financial industry which benefits from their work.”

Facts and Figures managing director Simon Webster says: “First the FSA, then the Financial Ombudsman Service, then the Financial Services Compensation Scheme and now this. Will the last person to leave the industry turn out the lights.”


Osborne: We’ve solved British banking dilemma

The Chancellor has claimed bank reform plans announced yesterday solve the “British dilemma”, the question of how to get taxpayers off the hook in a banking crisis without putting banks off settling in the City The Bank Reform Bill white paper published yesterday was in line with international standards but lower is some respects than […]

Abbey’s Miguel Sard takes the helm at Cater Allen

Abbey for Intermediaries managing director Miguel Sard is taking on the additional role of managing director of private bank Cater Allen. Santander owned Cater Allen offers a range of products through brokers, including savings accounts, fixed term deposits, structured deposits and current accounts. The private bank’s roots date back to 1816, the year after the […]

Fixed rates could be cut as swaps fall

Fixed-rate mortgages could become cheaper if swap rates continue to fall, despite recent predictions the eurozone crisis will lead to rate rises, according to John Charcol. Traditionally, the biggest influence on fixed-rate pricing has been swap rates while tracker mortgages have largely been influenced by Libor, the rate at which banks lend to each other. […]


Should platforms be adding VAT on bundled services?

Raymond James says some platforms with a bundled offering are failing to charge VAT on services such as valuations, tax wrappers and financial modelling tools. HM Revenue & Customs has not yet confirmed the tax treatment of platforms but head of business development David Hazelton says these services should trigger a VAT charge. Hazelton says: […]

Leading Edge – April 2017

There is little doubt 2017 will be a year of political uncertainty. Leading Edge is Royal London Asset Management’s regular review of investment markets. This edition explores some of the impacts that this uncertainty is having on investors, from the pitfalls of prediction within UK equity investing to the dangers of opting for convenience over […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm