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FTSE 100 closes at lowest level in over a year

The FTSE 100 has closed at its lowest level in over 12 months in the aftermath of the decision by Standard & Poor’s to downgrade the US credit rating.

The blue-chip index closed at 5068.95, a fall of 3.39 per cent. European markets also fell with the German Dax down over 5 per cent and France’s Cac 40 down almost 4.7 per cent.

The falls folllow S&P’s decision to lower the credit rating in the US from AAA to AA+, at 5.46pm the Dow Jones had fallen by 3 per cent.


Platform definition amended amid VAT concerns

The definition of a platform has ben changed following concerns that defining it as an administration service provider would incur VAT liabilities. In its November discussion paper, the FSA categorised platforms as providing a service based on admin rather than distribution. In February, Ernst &Young raised concerns that this could mean VAT would be applicable […]


Avelo looks at direct client portal offering

Technology solutions provider Avelo says its new Client Portal could solve the problem of clients who no longer want to use the services of their IFA. In last week’s FSA platform policy statement, the regulator warned platforms they will have to “carefully consider contractual obligations” to clients who decide they no longer require the ongoing […]

The Investment Clock: Keep calm and Macron!

Trevor Greetham, Head of Multi Asset In a marked contrast to the surge in risk sentiment that followed President Trump’s election in November, markets greeted Emmanuel Macron’s victory in the French presidential election with satisfaction and relief, rather than euphoria. After rallying strongly on opinion polls that accurately predicted the outcome, the euro held onto […]


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