Down the back of the virtual sofa perhaps?

17 August 2020

It's interesting to note that more than £24.5 billion in old fivers, tenners and twenty-pound paper notes are still in circulation, according to the Bank of England, as reported by the BBC at the end of July 2020.

The Bank of England says 115 million paper £5 notes, 83 million £10 paper notes and 1,157 million £20 paper notes have still not been returned. And in some cases, the rate of return of these old notes has slowed due to impact on spending, due to Covid-19.

The £5 notes were withdrawn in May 2017 and the £10 notes in March 2018, since when they have not been a legally accepted means of payment. The date that paper £20 notes cease to be legal tender has not been decided. Are they lost perhaps down the back of the sofa, or perhaps being held on to, to sell in the future for greater than face value?

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The rapid evolution of the global pandemic has certainly exposed many changes, and sometimes shortfalls, in the way money is handled. Indeed, we have sadly noted that some insurance company and platform policy providers have not coped well with the lockdown position, with delays in their services such as sending annual reviews out late in a paper statement format or their online capabilities. This has meant that gathering plan data via a telephone call takes longer which, in a time of technology that many UK financial service institutions have embraced over the last decade, is frustrating.

When we engage with a client for their financial planning, we normally gather details of their individual plans via our Investment Summary Table. We review each plan, making changes where required, usually based on plan charges, performance and the client's attitude to investment risk. Gaining plan information quickly and securely online helps in this advice process.

One new additional area we will also focus on is online accessibility. Our worlds have changed in many ways, including the way money is managed, and the ability for both client and adviser to get full plan details securely and quickly online is going to become ever more important.

If you would like to review your existing arrangements, then please contact the team at Chapters Financial in Guildford.

No individual advice is provided during the course of this Blog.

Keith Churchouse FPFS


CFP Chartered FCSI

Chartered Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899

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