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Taxing taxes and pension puzzles: week in news

Over the past three months Mr Woodford's flagship fund has outperformed its sector, losing 0.6 per cent compared with a loss of 1.3 per cent for its benchmark.

4) Badge of honour

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The FCA was criticised this week for the way it handled a complaint about badges worn by its staff.

The Complaints Commissioner told the regulator to re-examine a complaint that argued pin badges worn by FCA staff were "unprofessional".

After initially examining the issue, commissioner Antony Townsend found the FCA had failed to address the question of whether or not its initiative had been misguided, and had wrongly excluded the complaint.

The complaint stems from the day when a policy statement on payment protection insurance was published and a senior person at the FCA had pin badges produced and distributed to their staff bearing the phrase "Bring it on!".

But there was better news for the FCA when the Complaints Commissioner rejected a complaint from an individual who thought emails from the regulator were spam.

The individual complained to the Complaints Commissioner after they applied to cancel their authorisation in September 2017 but the FCA said they would still have to pay their fees for the full year as they had not cancelled by the 31 March deadline.

The person was then charged a late payment fee and debt collectors were eventually contacted to enforce both the annual fee and the late payment fee.

The complainant did not believe the money was owed and said they were unaware of attempts to contact them, despite emails from the FCA, which they considered suspicious.

5) The price of potential

True Potential revealed this week it was considering a number of offers to buy the company.

The platform provider is considering offers which might value the Newcastle-based company at about £2bn.

It comes after True Potential reported profits of £24m for 2017 and a turnover of £99m while assets on its platform increased to £6.8bn.

The company also revealed it was due to launch its new platform, saying it believes using its own staff to carry out the work will help it avoid the woes suffered by others in the business of replatforming.

True Potential said it would have "full ownership and control" of the technology, which set it apart from other firms, which largely used external technology providers to perform the upgrade.