Sir Malcolm Rifkind has resigned as Chairman of the Intelligence and Security Committee, a parliamentary committee, and will step down as Kensington’s MP at the end of this parliament. This comes after criticism over “cash-for-access” claims directed at the senior politician (as well as Labour MP Jack Straw). Sir Malcolm had represented the Kensington constituency since 2005. He has already been suspended as a member of the Conservative party.

Rifkind, a former Conservative foreign secretary, has denied any wrong doing with regards to the Dispatches investigation responsible for his resignation, where he was secretly filmed offering his services to a Chinese firm in return for thousands of pounds at a daily rate. The fake Hong Kong based company, created by Dispatches and Daily Telegraph reporters, claimed to be seeking people with business and political experience to become members on the company’s advisory board.

In a statement Sir Malcolm explained that, “I had intended to seek one further term as MP for Kensington, before retiring from the House of Commons. I have concluded that to end the uncertainty it would be preferable, instead, to step down at the end of this parliament.

“This is entirely my personal decision. I have had no such requests from my constituency association but I believe that it is the right and proper action to take.

“As regards the allegations of Channel 4 and the Daily Telegraph I find them contemptible and will not comment further at this time.

In a separate statement made about his resignation as Chairman of the Security and Intelligence Committee, Rifkind said, “None of the current controversy with which I am associated is relevant to my work as chairman of the intelligence and security committee of parliament.

“However, I have today informed my colleagues that while I will remain a member of the committee, I will step down from the chairmanship.”

Together with former Labour foreign secretary Jack Straw, Sir Malcolm has referred himself to Parliament’s standards watchdog and denies breaching House of Commons rules. Many MPs earn considerable amounts of money through their ‘second jobs’.

A spokesman for the Conservative Party said: “Sir Malcolm has had a long career of distinguished service both to the Conservative Party and the country. We respect and support his decision to stand down.”