Burning oil smell and smoke from 3.0d exhaust

[staffop]

I'm not sure if this is a similar issue to what balongbalong is experiencing but I've recently being getting a lot of white smoke from the exhaust when the engine is warming up. It doesn't happen once the engine is hot and presumably the oil has burnt off but it is loosing oil.
I don't know if it is related but I also get a screaching noise if I give it some heavy right foot action which sounds as if one of the belts is slipping.
There is no loss of coolant or sludge under the oil filler cap, but if I take the filler cap off when the engine is running then I see white smoke coming out.
Before all of this started happening, the vertical rubber pipe to the intercooler at the front right hand side of the engine near the fan came off (jubilee clamp had come loose), this resulted in a loss of power and oil spraying out on the underside of the engine. I fixed this but since then the above problem has started happening.
I have read about oil seperator issues but I don't know if these relate to petrol engines or diesel or both. Or it could be another issue altogether but I don't know what!?