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Purnell takes over as Work and Pensions Secretary

Former pensions minister and current Culture Secretary James Purnell has been appointed as Work and Pensions Secretary taking over from Peter Hain who quit on Thursday.

Hain resigned after the late declaration of £103,000 of donations to his deputy leadership campaign was referred to the Metropolitan Police by the Electoral Commission today.

Shadow Work and Pensions Secretary Chris Grayling says: “I hope he will be able to take a firm grip on a department that is clearly losing its way, with revelations in the last two weeks alone that National Insurance numbers have been issued to illegal immigrants and personal data has been left on the roadside.”


Sumus profits up by 76%

Sumus profits rose by 76 per cent to £1.51m last year while revenue nearly doubled to £29.8m.

Flowers set for Friends £4bn bid

JC Flowers is considering an offer for Friends Provident, believed to be around £4bn.It has built up a 2.7 per cent stake in Friends and says it would approach the board with a view to making an offer thought to value the company at 175p per share.It is thought the private equity firm is waiting […]

Aifa wants fee on frivolous complainants

Aifa is calling for the Financial Ombudsman Service to charge complainants who bring cases with no merit against advisers.In its response to the Hunt Review, Aifa says a radical overhaul of the FOS structure, process and charges is needed to make it more transparent, accountable and easier to do business with.Aifa says the rules allow […]

Virgin Money picks Cofunds for climate change fund

The new climate change fund launched by Virgin Money will be carried by the Cofunds platform.Cofunds says it will be open to take deals in the Virgin Climate Change Fund from the first day of dealing, providing access to 13,000 registered individuals in some 2,000 different intermediary firms. The platform provider is the first chosen […]


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