Chancellor Philip Hammond confirmed today that his next Budget will take place on Monday 29 October.

Unusually, the Budget is being held on a Monday this year. It's is typically on a Tuesday or Wednesday.

The Treasury said the Budget would “set out the government’s plan to build a stronger, more prosperous economy, building on the recent Spring Statement and last year’s Budget.”

The announcement of the Budget date was slow to emerge this year with some commentators believing the Chancellor was waiting for the conclusion of Brexit negotiations with the EU.

As there is little sign these will be concluded quickly it now appears he has decided to press ahead with a relatively early Budget date despite some experts believing it could have been put off until November or even December.

Mr Hammond Tweeted: “I’ll set out how our balanced approach is getting debt falling while supporting our vital public services, and how we are building a stronger, more prosperous economy.”

Mr Hammond moved the date of the Budget from March to the Autumn after taking over as Chancellor to avoid an end of year tax scramble.

Some commentators have predicted Mr Hammond may limit pensions tax relief and introduce other pension changes but the Treasury has not commented on any speculation.

Platform and SIPP provider AJ Bell has called for annual platform charges to be disclosed in pounds and pence.

In its response to the FCA’s Platform Market Study interim report, AJ Bell says that reform of charges disclosure is important to allow greater scrutiny by investors.

The company wants:

• Pounds and pence disclosure of annual platform charges
• Regulatory guidance on bulk platform transfers
• A lifting of the ban on cash rebates
• Improved standards and transparency for model portfolio disclosures

Andy Bell, chief executive at AJ Bell, said: “The platform market has grown to a size and importance that merits greater scrutiny but equally it has delivered significant benefits to consumers in terms of lower charges and greater transparency that shouldn’t be derailed by unnecessary intervention. 

“In this respect, the interim report hit the right note in terms of highlighting the aspects of the market that need further debate.”

“The FCA is absolutely right to put value for money front and centre of the platform market study and sharpen the focus on revenue margin, expressed as the amount of revenue each platform makes in a year from each £ of assets under administration (AUA).”

He said that revenue per £ of AUA “cuts through” the complexity created by different platform charging structures.

He wants to see investors given the level of charges each platform levies per £ invested. 

This would be disclosed as £s of revenue per £100,000 of investment, rather than a basis points measure.

He said that based on the 2016 numbers from the interim report platform fees per £100,000 would range from £220 per year to £540. 

Mr Bell said he would also like to see platforms provide a calculator on their websites that showed customers the annual charges that potential and existing customers will pay, in pounds and pence. 

He also wants to see switching between platforms made easier.

In addition, he called for the lifting of the ban on cash rebates among other changes to simplify and streamline how platforms run and the charges they levy and to reduce complexity.