This week's news... condensed

Riots in London and elsewhere may have dominated this week's national news agenda, but, in financial services at least, there was plenty else going on…

S&P

Earlier this week, markets and analysts reacted to S&P's downgrading of the US's prized AAA rating, but legendary investor Warren Buffett put his neck on the line to back his homeland.

Among those hit by the ongoing turmoil in the markets were some of the most popular funds used by investors in their SIPPs.

Platforms

Meanwhile - and although they slipped a little from the headlines - the world of platforms continued to provide interesting developments, with Fidelity FundsNetwork urging the regulator to review the "EasyJet" style charging structure of wraps.

The company also laid down the gauntlet to its rivals by pledging to disclose payments it receives from fund groups by the end of the month.

Bank advice

IFAs are often the ones left to clean the mess after banks have dealt some less-than-helpful financial advice, and one explained how he secured an ex-bank employee £80,000 in compensation for some "smash and grab advice".

In less positive news for IFAs, Plimsoll issued a stark warning to hundreds of firms, saying they need to change course. Fast.

Results

Reporting season was in full swing this week, and Standard Life came out with some impressive results, with fee-charging IFAs helping to boost its profits.

However earnings at Aegon UK declined in Q2 as the insurer continued to pay millions in customer redress following administrative problems at Scottish Equitable.

Advice

Simplified advice remains an area where there is plenty of debate and Aviva explained how it will target IFAs' mid-market ‘bronze' clients with its upcoming offering.

Another area where large and small firms may find themselves in a tug o'war is auto-enrolment, and two IFAs explained how they are aiming to capture some of the market.

And finally...

Find out about the TEN THINGS you need to know about flexible drawdown.