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Tory reshuffle sees Hammond take work and pensions role

The Tories have reshuffled their front bench following David Cameron’s leadership victory, with Philip Hammond taking the work and pensions position and Theresa Villiers joining the Shadow Cabinet.

Hammond takes over from Malcolm Rifkind, who quit the Cabinet after not being offered the role of Shadow Foreign Secretary.

Hammond was Shadow Chief Secretary to the Treasury and worked on the last Finance and Pensions Acts.

He also led Tory criticism of Chancellor Gordon Brown’s Sipp U-turn for its timing and potential to destabilise the property market.

Hammond says: “There is a very real risk now that thousands of properties that have been bought or committed to for Sipp investment will be sold, which could cause instability.”

Villiers takes on Hammond’s role after winning a seat in the May election. Before that, she was a Euro MP, where her work included scrutinising Mifid proposals.

Jackson Consultancy director Ralph Jackson says Villiers’ contribution could be invaluable to the IFA community over the next year as more details emerge about the extent to which the new EU directive will affect advisers.

George Osborne keeps his role as Shadow Chancellor and will lead a review of the economy that will challenge the Government on its finan- cial policies.

Jackson asks: “Will Hammond now follow Cameron’s strategy of consensual politics, looking for agreement with the LibDems and sections of the Labour Party and further isolating Gordon Brown on pensions?”


Channel vision

Brown put his foot down on Sipps – now we need to reach those who need help

Oval acquires Leicester IFA Williams & Williams

Insurance provider Oval has acquired Williams & Williams to its growing portfolio of firms.The Leicester-based insurance broker and IFA is Ovals eighth acquisition, which will strengthen its presence in the Midlands, now having its largest office based in the region, with a turnover of 10m. The Nottingham, Birmingham, Coventry and London offices currently have a […]

Skandia IM funds available on FundsNetwork

Skandia IM’s asset allocator, global property securities and ethical funds are being put on FundsNetwork. Skandia IM launched its asset allocator range in April this year. The firm says it is keen to capitalise on FundsNetwork’s distribution base. FundsNetwork head David Dalton Brown says: “The Skandia IM funds have been popular with advisers and are […]

We must resist referral move

I refer to the article headlined, IFAs lose accountants referral deal (Money Marketing last week).The suggestion that the Law Society may follow the example of the Institute of Chartered Accountants of England and Wales and allow lawyers to make referrals to multi-ties should be resisted very firmly by our profession.There is only one channel for […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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