It is not all bad news you know. Try our weekly round-up of more uplifting stories from this week's IFAonline.
The move to cut the annual allowance for tax privileged pensions to £50,000 was at the upper end of what most experts had been predicting. The consultation paper had suggested between £30,000 and £45,000, so the decision reached by the Treasury was broadly welcomed by the industry.
Although the implementation of RDR will march on regardless, it has been good to see MPs taking an interest in the impact it will have on advisers. Tory MP Harriet Baldwin has secured a debate over the issue of regulation on Wednesday in Westminster Hall. While it is unlikely to have any effect, the fact it is even being spoken about in Parliament should be noted.
Hargreaves Lansdown's good form continued this week with the company's interim management statement revealing a 14% increase in assets under administration during Q3. The firm's Vantage platform has also grown by 13%, with new net business amounting to £550m.
The spending review is now just five days away, bringing to an end months of anticipation. While experts have been predicting what to expect, no one knows yet exactly how the markets will react. Nevertheless, at least there will be less uncertainly.
The Business Finance Taskforce, a group of six major banks, has formed a £1.5bn growth fund to support SMEs. Lloyds Banking Group, Royal Bank of Scotland, HSBC, Barclays, Santander and Standard Chartered will help businesses with a turnover of between £10m and £100m, potentially buying a 10% stake in them.
Finally, the rescue of all the 33 Chilean miners has been the biggest good news story of the week. Bad news for the BBC though as it blew its budget by spending £100,000 on its coverage which means it will have to cut back on covering events during the rest of the year.
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