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Brexit and bans: the week in news

In a decision which could have widespread implications for hundreds of thousands of pensioners, Justice Morgan had ruled trustees must equalise benefits between women and men who have guaranteed minimum pensions because of contracted out benefits.

The Pensions Regulator has said that it is up to trustees to decide if any action is needed for their scheme to provide equal pensions following the recent judgment.

4) Oh brother where art thou?

A pair of advisers who are currently sampling the catering at Her Majesty's pleasure because of their role in a £17m fraud on elderly and vulnerable clients have been banned by the Financial Conduct Authority.

In final notices issued by the City regulator, brothers Alan and Russell Taylor, who ran Taylor & Taylor Associates in Norwich, were prohibited from performing any function in relation to regulated activity.

Unsurprisingly, the FCA deemed the brothers not to be fit and proper persons given they were convicted and imprisoned for committing fraud, with the enforcement and market oversight division’s Anna Couzens stating this was because their conduct demonstrated a clear and serious lack of honesty, integrity and reputation.

Through their firm Taylor & Taylor, the brothers targeted retirees, or those approaching retirement, to persuade them to invest in a high-risk scheme called the Vantage Trader fund.

More than £17.2m from 237 clients was invested in the Vantage fund between 2008 and 2015, Norwich Crown Court was told.

The brothers spent their profits on hiring a private jet for more than £150,000, a boat worth more than £50,000 and an exclusive timeshare costing £260,000. They also bought several Patek Philippe and Rolex watches worth tens of thousands of pounds each.

The men would tell their victims their investment scheme was safer than the savings they already had, but in reality it was high risk and the clients' money was placed in contracts for difference.

5) Mind the gap

Lloyds Banking Group has revealed it is expanding into the financial advice market with Schroders partly because of a "lack of advisers coming through".

The two companies recently unveiled plans to launch a financial planning business that they hope will be in the top three in the UK within five years.

The business will launch by the middle of 2019 and will see Lloyds transfer some £13bn of assets and associated advisers from its existing wealth management business to the joint venture.

damian.fantato@ft.com