Investment managers and pension providers are still paying out thousands in speaking engagement and advice fees to politicians, despite concerns over a tightening environment of value for money.
The latest MPs’ register of interests shows little signs of slowdown in the payments that the industry is willing to shell out for “invaluable expertise”.
Former chancellor Ken Clarke is one of the politicos cashing in over the past 12 months.
Sipp provider and pensions services firm Barnett Waddingham’s Investment Conference in January focused on “how to identify successful managers and optimise mandates and fee levels”.
Keynote speaker Clarke’s “expertise will be invaluable in helping guide us through the current political and economic upheaval,” the firm’s programme says.
Clarke was paid £5,500 plus VAT for his attendance, and another £5,500 to deliver an additional speech at a second Barnett Waddingham conference later in the month.
Clarke also picked up £5,000 for speaking at discretionary fund manager Brewin Dolphin’s Investment Training Conference in November 2017, recording four hours of work including preparation on his register entry.
Wokingham MP John Redwood continues to serve in his role as chairman of Charles Stanley’s investment committee. For his duties to ”write a twice weekly market review and investment report, to chair the investment committee and to make oral and written presentations”, he is paid £49,500 a quarter for his 75 hours of work.
Prominent Brexit campaigner and MP for North East Somerset Jacob Rees-Mogg continues to draw around £15,000 for his role as a partner in Somerset Capital Management, his latest entry shows.
In September last year, MP Theresa Villiers received a £2,500 donation from Lazari Investments Ltd, a property investment firm that has been backed by Aviva Investors on a number of deals.
Meanwhile MMC Group, the professional services firm bringing together pensions administrators Mercer, consultancy Oliver Wyman (where former FCA chief Hector Sants serves as a director), and others, pays Mid Sussex MP Nicholas Soames an £8,000 a month salary for 20 hours of work to advise on business development and to attend meetings.