Bento Bulletin

Please find below the most recent articles from our Panacea Bento Bulletin.

To read articles from a previous issue, click on the issue number which will open up a full list. Click on an article's link to read the full story.

Those article links with an asterisk next to it (*) denotes that issue's lead story.

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Bento 945: What do advisers think about service levels and standards delivered by the FOS?
22 Jun 2018

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Channel 4 ‘Dispatches’ itself tackled the FOS earlier this year, painting a rather bleak picture of operations. As a result of the programme, FOS Boss Caroline Wayman has launched a review so it could "better understand and address the concerns" raised by Dispatches. This will be reported to Parliament shortly before summer recess.

Hopefully our survey, which will be shared with the FOS and Nicky Morgan (Chair of the TSC), will prove timely, and for Ms. Wayman provide a view of the FOS from an adviser perspective. And the industry itself can ponder if things have got better or not since 2011, 2014 and 2016.

Please complete the anonymous, 5-minute survey and share it with your colleagues.

 
 
   
 
 
 
 
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Fixed income benchmarks can help evaluate active fund managers with conventional investment objectives. But unconstrained managers march to different drummers; for these managers, benchmarks can be more of a hindrance than a help
 
 
   
 
 
 
 
 
 
 
Rules of the game for Eurozone countries is clear: ‘stick by the fiscal rules…or face the market’.
 
 
 
 
 
 
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Is it all still Pete Tong at the FOS in 2018?Please take our 2018 survey.
 
 
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James Balfour considers the implications of a tie-up between Sainsbury’s and Asda on the grocery retailing sector.
 
 
   
 
 
 
 
 
 
 
The Office of Tax Simplifications is very busy these days. Graeme Robb, Senior Technical Manager looks at its recent Business Lifecycle Report and why it has concerns about Entrepreneurs’ Relief.
 
 
 
 
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Leading Mortgage technology expert, Mortgage Brain, revealed its vision and technology strategy for the next generation at three exclusive events held last week.
 
 
 
 
 
 
 
 
NS&I delivered £9.8 billion of Net Financing and £229 million of Value Indicator savings to the taxpayer in 2017-18.
 
 
 
Wealth & money management awards
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Bento 944: It’s worth the effort to be social
19 Jun 2018

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Social media is just another marketing tactic that allows a business to communicate with its existing clients and new potential customers.

It is not some panacea for all ills and it certainly is not a dark art only understood by experts.

 
 
   
 
 
 
 
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A recent tax tribunal decision and general day to day parenting combined in my mind to once again highlight the potential pitfalls of receiving child benefits, and ways that impacts of losing this can be mitigated.  
 
 
   
 
 
 
 
 
 
 
Optimism for a synchronized global recovery has given way to anxiety over potential EM or European crises. While our viewpoint remains optimistic, taking into account the vagaries of downside risks is crucial.
 
 
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Poll
 
 
 
Is it all still Pete Tong at the FOS in 2018?

Please take our 2018 survey.

 
 
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Watch the replay to hear Lewis Aubrey-Johnson, Head of Fixed Income Products, discuss the current conditions in credit markets and the team's expectations the continued resilience of the US economy. 
 
 
   
 
 
 
 
 
 
 
In this month’s update Ritu Vohora, Investment Director, explores the impact of rising US yields and a resurgent dollar on emerging markets. Is this a déjà vu of 2013’s ‘Taper Tantrum’?
 
 
 
 
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With volatility returning to the emerging market debt arena in recent weeks, Aaron Grehan discusses what it means for investors.
 
 
 
 
 
 
 
 
Join this month’s webcast with Alex Araujo, fund manager of M&G’s Global Listed Infrastructure Fund. During the webcast, he will discuss the current environment for listed infrastructure and the impact of rising interest rates as well as the current positioning of the fund.
 
 
 
Wealth & money management awards
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Bento 943: Is it all still 'Pete Tong' at the FOS in 2018?
15 Jun 2018

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Since 2011 Panacea Adviser has conducted research via a simple survey to gauge what advisers think about service levels and standards delivered by the FOS, in particular looking at their processes and the fairness of the system. 

Two years have passed since the last one, and we want to know, will 2018 see any improvement? 

Read more about what has been said previously and take part, your input is vital and as always greatly appreciated.
 
 
   
 
 
 
 
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Supply-side factors are often underestimated by real estate investors with demand drivers receiving more attention, says Monika Sujkowksa.
 
 
   
 
 
 
 
 
 
 
The commission and inducements regimes across Europe have changed the investment sector dramatically since MiFID II “went live” in January and the soon to commence Insurance Distribution Directive will have a similar impact on the insurance sector.
 
 
 
 
 
 
 
 

 Following Philip Hammond’s letter to the Office of Tax Simplification (OTS) asking for a review of Inheritance Tax, a consultation has been issued to gather information and to look into opportunities to simplify it. Graeme Robb, Senior Technical Manager at Prudential looks into it further.

 
 
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The Personal Finance Society have issued an updated ‘good practice guide’ covering transfers from defined benefit to defined contribution pension schemes.
 
 
 
 
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Did you know that a rapidly growing number of over 55s are using equity release to help with their later life planning? And as a financial adviser, you’re ideally placed to help them.
 
 
 
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Bento 942: The most effective sales programme of all
12 Jun 2018

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I recently met up for coffee with a friend who runs a business networking group.
At one point our conversation drifted on to some of her members and what business they were in. She was telling me about one particular member who had a business teaching people how to sell.
 
 
   
 
 
 
 
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Our second State of the Protection Nation report is now available to download.
 
 
   
 
 
 
 
 
 
 
A man from Hereford and Worcester, and a woman from Essex are celebrating the first official day of Summer as they have scooped the £1 million jackpot prizes in June’s Premium Bonds draw.
 
 
 
 
 
 
 
 
Why has the recent market response to Italian politics been so much greater than that to instability in Germany and Spain? 
 
 
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Currency ideas play an important part in our multi asset portfolios, acting as a source of both return and diversification. 
 
 
 
 
 
 
 
 
Emmanuel Macron has implemented a swathe of reforms since his election as President of France in May 2017, but further challenges lie ahead to revitalise the economy.
 
 
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Bento 941: Financial services is not just a matter of life and death
8 Jun 2018

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Some more wise words to reflect upon from Bill Shankly. "The trouble with referees is that they know the rules, but they do not know the game." In the financial services industry, I think the same rationale applies. "The trouble with regulators is that they know the rules, but they do not know the industry they regulate”.
 
 
   
 
 
 
 
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An improvement in relations between the US and North Korea is good news for investors, writes Ed Wiltshire.
 
 
   
 
 
 
 
 
 
 
Welcome to this week's edition of Weekly Digest; a topical in-house review of world stock markets and the global economy.
 
 
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Political turmoil in Italy and Spain, escalating trade tensions and, for good measure, unexpectedly strong US employment data – to say that markets had a turbulent few days would be an understatement. Taking a step back, here are the 3 lessons we took away from last week.
 
 
 
 
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A recent NS&I survey has revealed that our advocacy score amongst financial advisers is now up to 8.5 out of 10 in response to the question “How likely are you to recommend NS&I to your clients?” 
 
 
 
 
 
 
 
 
Prudential recently ran a series of seminars across the UK, alongside M&G that proved really popular. 
 
 
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Bento 940: Income to drive real estate returns as yield cycle nears end
5 Jun 2018

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Income to drive real estate returns as yield cycle nears end
 
 
 
   
 
 
The prospect of robust global economic growth in the coming years should prove positive for occupier demand, but could present fresh challenges to real estate investors as interest rates rise around the globe.
 
 
   
 
 
 
 
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Register now for our brand new 'Equity Release Case Studies' Webinar which will take place on Wednesday 20th June 2-3pm.
 
 
   
 
 
 
 
 
 
 
The Italian political crisis turned out to be a storm in an espresso cup.
 
 
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Watch two of our most experienced emerging markets investors discuss their outlook for equities and debt and where the risks and opportunities lie.
 
 
 
 
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Niall Aitken, Investment Actuary, explains how we manage risk in our Governed Retirement Income Portfolios (GRIPs).
 
 
 
Wealth & money management awards
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Bento 939: How do you feel about social media?
1 Jun 2018

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Latest consumer research has highlighted that 81% of shoppers conduct online research before they make a purchase. 60% begin by using a search engine to find the products or service they want, and 61% will read product reviews before making any purchase or engaging any professional service.
 
 
   
 
 
 
 
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We look at how your clients can start saving for their children and grandchildren’s retirement. 
 
 
   
 
 
 
 
 
 
 
Have central banks become “overmighty citizens”, with too much power and insufficient democratic input? If so, does it matter and what can we do about it?
 
 
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Markets have been volatile since the start of 2018, bringing greater focus onto the asset mix in client portfolios. Ahmed Talhaoui, CFA, Co-Head of Product Strategy for BlackRock’s Global Fixed Income Group discusses alpha opportunities in the fixed income market.
 
 
 
 
 
 
 
 
Technological developments are driving change in the UK retail sector, a trend with significant implications for retail park investors, says Jonathan Bayfield.
 
 
 
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Bento 938: The ultimate guide to high-trust, high profit relationships and a thriving practice
30 May 2018

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In a world where traditional advisory services will be increasingly eroded by digital disruption, downward pressure on earnings and the demand for ever greater transparency, how do you continue to be the number one choice for your ideal clients?
 
 
   
 
 
 
 
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A key feature of the current equity bull market has been the inexorable rise of passive strategies at the expense of active managers.
 
 
   
 
 
 
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A key feature of the current equity bull market has been the inexorable rise of passive strategies at the expense of active managers.
 
 
 
 
 
 
 
 
Everyone likes a bit of magic – and now consumers who own an Amazon Echo smart speaker device can ask Alexa, Amazon’s friendly virtual assistant to ‘open UKMortgages’ -  and they can search for a mortgage or a local adviser.
 
 
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Quarterly update from Head of Multi Asset at Royal London Asset Management (RLAM), Trevor Greetham.
 
 
 
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Bento 937: Will GDPR destroy businesses?
25 May 2018

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The date is upon us.

GDPR was a cunning plan thought up by the EU. Europe’s data protection laws have long been regarded as a gold standard all over the world. But over the last 25 years, technology has transformed our lives in ways nobody could have imagined so a review of the rules was needed.

 
 
   
 
 
 
 
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Markets have been volatile since the start of 2018, bringing greater focus onto the asset mix in client portfolios. Michael Gruener, Head of BlackRock EMEA Retail, discusses what clients have been telling him and what BlackRock can do to help.
 
 
   
 
 
 
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If you’re an adviser with clients in the Public Sector you will be painfully aware that the rules of public service pensions schemes are enormously complex. Moira Warner, Technical Manager at Prudential, explores.
 
 
 
 
 
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Provide a solution to help your clients with outstanding unsecured debt... Debt is a challenging issue for those of us nearing and entering retirement and this subject is something that many clients find difficult to discuss.

 
 
   
 
 
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A bond is normally a single premium whole of life contract which offers many features and benefits. In Helen O’Hagan, Technical Manager at Prudential’s opinion, here’s some of the salient features of bonds. 
 
 
   
 
 
 
 
 
 
 
Please join us from 2-3pm on Thursday 31 May for a free webinar.
Does everyone need protection? Many want to protect their lifestyles and loved ones, but advisers still have to overcome barriers to close the sale.
 
 
 
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Bento 936: The butterfly effect in global markets
23 May 2018

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In today’s connected world, portfolios need to be constructed so they can respond quickly to changing conditions and market opportunities.
 
 
   
 
 
 
 
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Given the negative sentiment towards the UK tobacco sector at present, Mark Barnett, Head of UK Equities, provides his view on the industry’s longer term outlook.
 
 
   
 
 
 
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Join Fiona Rowley on Thursday 24th May for her views on the current property environment as well as an update on the fund and its positioning amid the current environment.
 
 
 
 
 
 
 
 
This week, our Head of Investment Strategy, John Wyn-Evans, looks at two asset classes that are very closely linked; the US dollar and Emerging Markets.
 
 
 
 
 
 
 
 

The total debt held by the over-65s is expected to more than double in the next nine years.

 
 
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Large-cap UK companies were no doubt boosted by the oil price hitting $80 a barrel – the highest level in four years. Greater sanctions on Iran have turned off the taps for some of the world’s largest oilfields before they even started to get going again.
 
 
 
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