Kathryn Stone, the Parliamentary Standards Commissioner, is now reviewing the allegations against the two Tory MPs, according to an updated log of her ongoing investigations.
This means there have now been three inquiries launched by Ms Stone in the wake of the recent Westminster row sleaze, which was sparked by the Owen Paterson lobbying scandal.
Mr. Rees-Mogg and Mr. Ross are listed as under investigation regarding the recording of employment and income interests.
Last month Labor called on Mr Rees-Mogg to be questioned over allegations he had improperly reported £ 6million in loans from one of his companies.
According to a Mail on Sunday report, Mr Rees-Mogg borrowed up to £ 2.94million per year in ‘director loans’ from his UK company Saliston Ltd between 2018 and 2020.
The newspaper said the money was mainly used to buy and renovate his £ 5.6million house in Westminster.
Mr. Rees-Mogg is a 100% owner of Saliston and is listed as a “person exercising significant control” in the files of Companies House.
Saliston partially owns the investment company Somerset Capital Management Ltd, of which Mr. Rees-Mogg is a shareholder and is the parent company of a Cayman Islands subsidiary.
Labor called on the Cabinet minister to ‘get the truth’ about all of his financial interests outside of Parliament.
But Mr. Rees-Mogg insisted that he had properly reported all his financial affairs.
He told the Mail on Sunday: “Saliston is 100% mine. This is clearly stated in the register of Commons and in the Cabinet Office.
“He has no activities that interact with government policy. The 2018 loans were mainly contracted for the purchase and renovation of [my home] as temporary cash flow measures.
“All loans were either repaid with interest in accordance with HMRC rules or paid as dividends and taxed accordingly.
“I have no managerial responsibility for Somerset Capital Management.
“However, I know the Cayman company only provides a fund to non-UK investors, but all the money they make goes to Somerset Capital Management in the UK where they pay all UK taxes. “
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Meanwhile, Mr. Ross recently declared to Ms. Stone for previously undeclared income.
The MP for Moray, who sits in both the House of Commons and the Scottish Parliament, did not record his salary payments as an MSP, which he donates to charity, and his work as a official football match.
He was late in reporting payments worth £ 6,728.57 received for 16 football matches. And he also failed to report five months of his MSP salary, amounting to £ 8,607.
Mr. Ross has since registered these payments with the House of Commons authorities and apologized for the “mistake”.
New scrutiny of MPs’ external incomes began after government tried to save ex-Tory cabinet minister Paterson from immediate Commons suspension after it was discovered he had broken the rules lobbying.
Mr Paterson has since resigned as an MP and terminated his £ 110,000-a-year consultancy work.
Mr Rees-Mogg admitted last month that he had to ‘take my share of responsibility’ for the government’s actions in Mr Paterson’s case, which they were forced to return following a furious backlash .
“I encouraged the Prime Minister to take this path and I was wrong, I made a mistake,” he said.
A Commons committee has since recommended a “Outright ban” of Members of Parliament from providing paid parliamentary advice, advice or strategy in response to the sleaze line.
Liberal Democrat leader Sir Ed Davey is the third MP to be investigated by Ms Stone since sleaze row began.
He referred to the Standards Commissioner because of an “oversight” of his register of interests as a Member of Parliament.
Sir Ed had already stepped down as a consultant on climate change issues, worth £ 78,000 a year, amid the focus on second MPs jobs.
He had used the income to finance the care of his severely disabled son.