This week's news... condensed

It hasn't all been about the platforms paper, you know...

The week got off to a positive start with politicians in the US coming to an agreement to raise the debt ceiling, after weeks of wrangling, grandstanding and fearmongering.

However, other matters quickly overtook the markets, which fell throughout the week, and the Dow Jones had its worst day since 2008.

Anticipation had been building for months, and on Monday the FSA's platforms Policy Statement finally arrived. We were all waiting for clarification on the future of rebates and, oh...

One important issue which seemed to remain unresolved was that of single platform use and whether it would be appropriate for independent advisers.

Coming out with less fanfare, but just as important to advisers, was the news that new capital adequacy rules have been delayed by two years.

Although this is the second time the rules have been delayed, they will be phased in from 31 December 2013 (previously December 2011), with the full requirements in place by end 2015.

The 50p tax rate issue also shot right up to the top of the news agenda, first of all with Danny Alexander saying any move to cut it would be in 'cloud cuckoo land'.

Vince Cable then said it could be replaced by a 'manison tax', before news emerged about the possibility of it being lowered to 45p.

On this week's naughty step: the firm censured by the FSA for investment failings, one former adviser sentenced to more than six years in jail for conning elderly clients out of £468,000, and another listed among the UK's most wanted fraudsters.

On the other hand, we heard about ‘The Dark Spartan', a financial adviser who, by night, patrols the streets of Torquay as a masked, costumed superhero.

And finally...

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