Just a few weeks ago we were complaining about the snow and now, apparently, it is too hot for some. Like Arsenal fans weeping as Arsene Wenger quits, maybe we don't know what we've got until it is gone.
For those of you who want to catch-up on the major headlines of the last five days as well as catch a few rays of April sunshine, it is time to reflect on the week in news.
1) Aviva goes rogue
We are all eagerly waiting for/living in fear of the time when robots take over the planet and make us their slaves, but in the meantime we have to put up with financial platforms seemingly having a mind of their own.
In the latest instalment in a string of issues surrounding Aviva's troubled re-platforming exercise an adviser said he had noticed a number of ‘rogue funds’ appear on his clients’ portfolios following the switch-over to the new platform.
He said Aviva’s actions meant clients had been placed into a portfolio they had not agreed to and they also held the wrong funds, which had unbalanced the portfolio and could potentially have damaged, or improved, their returns.
Aviva acknowledged there have been problems, apologised for the inconvenience and said it would take action to ensure customers were not disadvantaged as a result of issues experienced.
2) Trouble on the Costa Geriatrica
For those pensioners living in the European Union - not all of whom live in Marbella, we are sure - times could be getting tough.
This week we learnt around 900,000 British citizens living in the European Union are facing pension uncertainty, since receiving state pension in other countries is part of existing treaties, which are threatened by Britain's departure from the European Union.
There are currently 784,900 Brits living on the continent, with another 112,000 living in Ireland. Of these, 220,000 are aged 65 or more.
Proving some cliches are based in fact, Spain is the most popular destination, with 293,500 expat Brits.
3) Adviser jailed over sexual assault
A financial adviser who once included celebrities among his clients was jailed this week for seven years for a range of offences including sexual assault.
Frank Cochran, a financial adviser based in Staffordshire who employed 13 people, was found guilty of assault by penetration, using controlling and coercive behaviour and putting a person in fear of violence by harassment at Stafford Crown Court.
Cochran, 60, was found not guilty of five counts of rape, two counts of assault by penetration and a further count of sexual assault by touching.
The court heard during the trial that Cochran, of Marston, Church Eaton, near Stafford, left his victim "a shadow of her former self".
The victim, who cannot be named for legal reasons, told the court Cochran’s controlling and coercive behaviour had included squeezing her neck, pinching her, threatening to kill her and striking her to the eye with an elbow.
She also said Cochran had kicked her under a table, while in company, to control her.
4) Data dilemma dismissed
Advisers can sleep easily after finding out they won't be expected to delete client information under incoming right to erasure rules if it is subject to a record-keeping requirement set by the Financial Conduct Authority (FCA).
The FCA handbook specifies advisers must keep sufficient client information for the regulator to be able to monitor the firm's compliance, including all services and transactions undertaken by it.
New rules introduced as part of the European Union's General Data Protection Regulation (GDPR), which is to be enforced on 25 May, will allow clients to ask for their personal information to be erased.
This has led to some concern among advisers that clients could abuse this rule to weaken the adviser’s position before bringing a claim for compensation.
But the regulators have clarified that UK regulatory rules would come first when requests for file deletion are received.
5) Advisers out of loop on small pots
Financial advisers are taking advantage of a loophole in small pots lump sums rules that they are being warned could be considered aggressive avoidance in a breach of HM Revenue & Customs rules.
Since 2014, investors can withdraw up to three small pensions of up to £10,000 each in their life, and these lump sums are not tested against the lifetime allowance.
This rule "is intended for people who have ended up with small pension pots, perhaps from short periods of employment", Jessica List, pension technical manager at Curtis Banks, said.
But financial advisers are now considering artificially creating small pots by transferring three lots of £10,000 into new pension arrangements but they run the risk of HMRC deeming this an avoidance exercise.
damian.fantato@ft.com
