 Following Rees-Mogg's election as the Member of Parliament for North East Somerset, he stepped down as chief executive of the company; however, he continues to receive income in his capacity as a partner.Somerset Capital Management is managed via subsidiaries in the tax havens of the Cayman Islands and Singapore.Rees-Mogg has defended offshore tax havens, and his vast wealth (£100,000,000+, with his wife, when she comes into her inheritance, as of November 2016) has left him open to the criticism that he cannot understand the lives and concerns of many ordinary people.