The country descended into chaos this week as frozen water fell from the skies onto the streets of Britain, distracting us all from the chaos surrounding the Brexit negotiations.
When the country's public transport system was back up and running, eventually, enough people were able to turn up to work to generate some news. Let's see what happened.
1) The Nightmare Before Christmas
The problems facing members of the British Steel Pension Scheme continue, and appear to worsen as more is uncovered.
This week many of those involved appeared before the work and pensions select committee in parliament to explain to MPs what had gone wrong.
The committee was told around 13,000 steelworkers who requested a pension transfer value from the scheme have struggled to find a qualified adviser to help them using the Financial Conduct Authority register, according to one witness.
Steelworkers have until 22 December to decide whether to move their defined benefit (DB) pension pots to a new plan being created, BSPS II, or stay in the current fund, which will be moved to the Pension Protection Fund.
A financial adviser and the director of an unregulated introducer it used to bring in pension transfer clients among British Steel workers both failed to show up to the hearing to give evidence.
But another financial adviser working with members of the troubled British Steel pension scheme has criticised attacks in the media on those helping steelworkers transfer out of their lucrative defined benefit pensions.
Mark Abley, managing director of the Durham-based Pension Review Service, said there was a "trial by social media being conducted" on financial advisers involved in the case.
2) (Waspi concerns) Die Hard
An unstoppable force has met and immovable object in the form of the campaign to address the issue of state pensions for women born in the 1950s continues and the government's refusal to budge.
This week pensions minister dismissed calls to help women affect by an increase in the state pension age, saying it would increase inequality.
Mr Opperman said: “Full compensation would represent a cost of over £77bn to the public purse.
“These changes would require new legislation, which could mean an inequality potentially being created between men and women.”
Waspi claims that while the 1995 Conservative government's Pension Act included plans to increase the women’s state pension age to 65 – the same as men's – the changes were implemented unfairly, with little or no personal notice.
3) The Postal Express
At this time of year we all gather together to spend time with the people we love (and some people we put up with) but Royal Mail and the Communication Workers Union (CWU) are using the festive period to discuss the creation of a collective defined contribution (CDC) scheme to solve the current pensions dispute.
This is one of the recommendations of a report prepared by professor Lynette Harris, who has mediated talks between the postal company and the union under dispute resolution procedures.
Earlier this year, the UK postal operator announced it would be closing the Royal Mail Pension Plan, its current defined benefit (DB) scheme, to future accruals from next year.
Following union opposition, the company was offering members the choice of joining either a DB cash balance scheme or a defined contribution scheme.
4) Jingle All the Way (to Cyprus)
The FCA was criticised this week for its handling of a Cypriot advice firm which had passported into the UK.
Complaints commissioner Antony Townsend said the regulator took too long to take any action after concerns began to emerge.
The ruling follows a complaint about the FCA after a couple was advised by the firm to invest in a product which later went into liquidation, meaning the investment was lost.
The firm was authorised in Cyprus, had been “passported” under European Union rules to operate in the UK, and was only authorised to undertake insurance mediation in the UK, not to provide investment advice.
Mr Townsend's investigation found that from April 2011 there were growing concerns the firm was acting outside its permissions, both in terms of the business that it was doing and because it was not providing cross-border services but had “established” itself in the UK, but he said the FCA took too long to do something about this.
5) Home Alone 2: Lost in New York
(Ok, that doesn't have anything to do with the story we're about to discuss, but if you can come up with a Christmas film connected to the FCA authorisation process you're a better person than me)
The FCA revealed this week it is running a "major programme" to improve its approach to authorising individuals and companies to work in the sector.
This week it published a consultation on its approach to authorisation in a bid to be more open and transparent about how it regulates the financial services sector.
As part of this programme of improvements, the FCA has said it wants to improve the support it gives firms to help them meet its minimum standards and become more digital and innovative.
It is also attempting to improve its service focus to make it easier for firms and individuals to engage with the FCA.
damian.fantato@ft.com
