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Platform alterations and stingy pensioners: the week in news

He was also disqualified from being a director for a maximum of 15 years.

Rosemary Booth, 69 years, of Hesketh Drive, Southport – who acted as general manager of Barton park Nursing Home - was also jailed, for six years, for her part in the conspiracy to defraud.

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The pair were convicted on 11 May following a trial that lasted 12 months, the longest in the history of Merseyside Police and Liverpool Crown Court.

4) Lamborghini dealerships rue tight-fisted pensioners

Pity the poor Lamborghini salesman. It turns out people in retirement are penny-pinching because of an "over-reluctance to spend", the FCA's executive director for strategy and competition has said.

Speaking at the Pensions Policy Institute this week Christopher Woolard said there was a sense of frugality among some pensioners, which meant far from overspending they were actually not spending enough.

He said recent research found some some retirees had "unrealistic expectations about [their] chances of survival" in retirement and were trying to make their pension pot last as long as possible.

He used his speech to say that the pension industry must focus on the two critical phases in the pensions life cycle in a bid to improve and revive it.

This includes accumulation, which is when and how people save for retirement, and decumulation, which is what they do with those savings when they retire.

5) Who cares about duty?

Just when advisers thought they didn't have enough rules and regulations, here comes another one.

The FCA has proposed introducing a 'duty of care' requirement that could place a general obligation on advisers to act in their clients' best interests.

The regulator published a 37-page discussion paper on 17 July on the prospect of a duty of care, following the publication of its mission in 2016 when it had first raised the idea.

Since then, the FCA said the idea has had a mixed response from the financial services sector so the regulator will now consult on the proposal to get a better idea of whether it should go ahead with it.

While some raised concerns the FCA's current regulatory framework does not provide adequate protection for consumers, others said the definition of what would constitute a reasonable duty of care could be difficult to achieve.

damian.fantato@ft.com