Despite everything, we're still gradually eking our way towards leaving the European Union, so let's find out what else happened this week. It's time for the week in news.
1) Brexit through the gift shop
This week, after much drama, the UK and the European Union reached a deal over Brexit but not everything can be that simple, and it's been a rollercoaster week for the pound.
When the deal was announced on Tuesday, the pound rose while the FTSE 100 ended the day in modestly negative territory.
Figures in the financial services sector welcomed the Brexit deal and the prospect of continued "cooperation" between Britain and the European Union on regulatory matters.
The UK and the EU also agreed an outline political declaration on their future relationship, which included provisions for "close and structured cooperation" on financial services regulation.
But for some people in Theresa May's government the deal was unacceptable including, apparently, the man who helped negotiate it.
Brexit secretary Dominic Raab and secretary of state for Work & Pensions Esther McVey both stood down on Thursday, along with a number of junior ministers, prompting the value of the pound to plummet.
2) Fee-sy does it
Just as everyone begins making their Christmas plans, the Financial Conduct Authority begins planning its own festive cheer.
The regulator has revealed plans to change the way it calculates how much the industry pays in regulatory levies for 2019 to 2020.
In a 72-page consultation paper published this week, the FCA proposes axing fee-block F, which contains mutual societies that are registered on the mutuals register but not authorised by the FCA under the Financial Services Act 2000.
The FCA would charge the cost of maintaining the register as an FCA overhead, representing an addition of approximately 0.3 per cent to the fees of variable fee-payers.
The watchdog also proposed removing charges for inspecting the register, except where a member of the public requests a personal visit to FCA offices.
In the April 2019 fee rates consultation paper the FCA will consult on the rate for the levy.
It was in July that advisers were told they would have to pay 4 per cent more in regulatory fees in 2018 to 2019.
3) Don't stop me now (from transferring your pension)
About a sixth of defined benefit (DB) pension schemes have put a temporary hold on pension transfers while they decide how to equalise contracting out benefits.
According to law firm Herbert Smith Freehills - which polled an undisclosed number of trustees, sponsors and advisers – 17 per cent of respondents said their schemes (or those they advise) have decided to temporarily suspend transfers while they consider their approach.
Some administrators have been telling their DB clients to suspend transfers due to the implications of the recent Lloyds court case, which will see final salary scheme members who contracted out receive millions of pounds in back payments.
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
