This week’s Personal Column features: New £1 coin’s ‘hidden’ security feature | Record numbers rely on the “bank of Mum and Dad” | The Income Protection Conversation | Working with webinars | State pension age could be raised to 70 | Buy-to-Let Workshops | Young people and money – having the conversation

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This week’s Column…

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Finance News

New £1 coin’s ‘hidden’ security feature

The new 12-sided £1 coin – which came into circulation this week – has a hidden security feature to make it difficult to counterfeit.

It is thought to involve material inside the coin itself which can be detected when electronically scanned by coin-counting or payment machines. But officials at the Royal Mint have not released any further details.

Other security measures include an image that works like a hologram, and micro-sized lettering inside both rims. As a result, the Mint claims it will be the “most secure coin in the world”.

It will replace the existing £1 coin, of which about one in 40 are thought to be fake.

“It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come,” said Adam Lawrence, chief executive of the Royal Mint.

The old coin will remain legal tender until 15 October this year, after which shops are under no obligation to accept it. After that date, consumers will have to take the coin to a bank to exchange it.

Supplies of the new coin have initially been delivered to 33 banks and post offices around the UK.

The new £1 coin: Vital statistics
Thickness: 2.8mm – thinner than old coin.
Weight: 8.75g – lighter than old coin.
Diameter: 23.43mm – larger than old coin.
Number to enter circulation: 1.5 billion – about 23 per person. Old £1 coins will be melted down to make new ones.
Outer ring: gold-coloured, made from nickel-brass.
Inner ring: silver-coloured, made from nickel-plated alloy.

Source: BBC News (published 27 March)

The article is now available to share with your clients! Here’s the link for you to share on social media: New £1 Coin’s ‘Hidden’ Security Feature:

Mortgage News

Record Numbers Rely on The “Bank of Mum and Dad”

The number of first-time buyers relying on the “bank of mum and dad” for financial help has hit a record high, according to new research.

Analysis for the Social Mobility Commission suggests that more than a third of home-buyers in England depend on money from their family.

Using the latest official data available, from 2013-14, researchers found 34% of buyers needed cash or a loan from their parents. That compared with just 20% in 2010/11.

A further 10% of buyers relied on inherited wealth, the research found.

“Affordability problems mean that parents and other family members have a critical role in assisting their children to buy their first home, either by means of a gift of money or a soft loan,” said the report author, Dr Paul Sanderson from Anglia Ruskin University.

The issue has already been highlighted by the insurance company Legal and General, which said that a quarter of all mortgages in the UK last year were part-funded by parents.

It said that the average amount given was £17,500.

The research also said that home ownership among young families was “in free fall”. It found that in 1990, as many as 63% of 25-29 year-olds owned their own properties. By 2015, that proportion had fallen to 31%.

A survey by Savills in December last year found that just 20% of 25-year-olds now own a house or flat.

The average cost of a home bought by a first-time buyer in England and Wales is now just under £200,000, according to the Land Registry.

Alan Milburn, a former Labour health secretary and now chair of the Social Mobility Commission, said: “Home ownership helps unlock high levels of social mobility, but it is in free-fall among young families.

“The way the housing market is operating is exacerbating inequality and impeding social mobility.”

But he welcomed government recognition of the problem.

Under the Starter Homes programme, buyers aged between 23 and 40 will be able to buy homes at a 20% discount to the market value.

The initiative, brought in by former Prime Minister David Cameron, will start in 30 areas of England and will apply to homes up to £250,000 in value, or £450,000 in London.

As discussed in February’s White Paper on housing, the government also wants councils to develop more specific housing plans, to encourage smaller developers to build houses, and to allow more vertical building in urban areas.

The Social Mobility Commission was set up in 2010 and advises the government on social mobility issues in England.

Source: BBC News (published 27 March)

The article is now available to share with your clients! Here’s the link for you to share on social media: The Income Protection Conversation:

Protection and General Insurance News

The Income Protection Conversation

When it comes to insurance, people are often quick to protect their cars, houses or contents as the consequences of not doing so can be serious. However they often don’t think about insuring the very thing that allows them to afford these things, their financial wellbeing, meaning many remain unprotected.

92% of advisers think income protection is undersold. Legal and General understand that it can often be seen as unaffordable, expensive and complex by people. They want to help you overcome these objections and encourage your clients to consider their need for income protection when financial planning.

They have a range of support materials to help you with your client conversations. Take a look at their refreshed income protection checklist. It’s a simple and effective guide to use with your clients to get them thinking about their finances and establish whether they have an income protection need. They’ve also updated their budget planner tool and adviser and customer guides.

Visit Legal and General’s income protection sales support page.

Source: Legal & General e-newsletter (published 28 March)

Working with Webinars

Legal and General is pleased to offer you further dates for their popular Income Protection Benefit and General Insurance Webinars.

Their webinars are designed to help you develop your business and get the most from the products and services they offer.


  • Income Protection Benefit – Learn more about the income protection benefit market and how Legal and General can help you approach this area.
  • Getting started with GIology – Join the webinar as experts create a quote on the point of sale system, GIology, highlight key benefits of their products and provide you with a general overview of the market.
  • Home Insurance – Find out about home insurance products, details about the home insurance market and how to maximise the home insurance opportunities available.
  • Landlord Contract – Take a tour of the landlords’ insurance product, which provides details on the buy-to-let market and how to maximise the opportunities available to you as an adviser.
  • Lifestyle Cover – Discover all about the lifestyle cover product, the opportunities in the short-term income protection market and how to maximise the opportunities available.


Please see the available dates below. The ‘click here’ links will direct you to an online page where you can register.

Income Protection: Click here

27 March 2017
28 March 2017
03 April 2017
04 April 2017
10 April 2017
11 April 2017
24 April 2017
25 April 2017

Getting started with GIology: Click here

28 April 2017
12 May 2017
02 June 2017
16 June 2017

Home Insurance: Click here

28 April 2017
12 May 2017
02 June 2017
16 June 2017

Landlord Contract: Click here

07 April 2017
05 May 2017
19 May 2017
09 June 2017
30 June 2017

Lifestyle Cover: Click here

07 April 2017
05 May 2017
19 May 2017
09 June 2017
30 June 2017


Source: Legal & General e-newsletter (received 24 March)

Wealth News

State Pension Age Could Be Raised to 70


Two separate reports for the government have raised the possibility that millions of people may have to work longer to qualify for a state pension.

An analysis for the Department for Work and Pensions (DWP) has suggested that workers under the age of 30 may not get a pension until the age of 70. A second report, by John Cridland, proposes that those under the age of 45 may have to work a year longer, to 68.

The government is due to make a decision on both reports by May. Ministers are under pressure to address the expected rise in the cost of pensions, which stems from longer life expectancy and the increasing ratio of pensioners to workers. But at least six million people face the prospect of having to work longer.

In an extreme scenario, experts from the Government Actuary’s Department (GAD) said the state pension age could be raised as high as 70 as soon as 2054. Under existing plans, the state pension age is due to rise to 68 for those born after 1978.

The “extreme” scenario involves an assumption that people spend 32% of their adult life in retirement. The conventional assumption until now has been that people will spend 33.3% of their lives in retirement.

In the worst-case situation, the GAD calculations also suggest that the change in the retirement age from 67 to 68 could be pulled forward by as much as 16 years. So while that increase is not due to happen until 2044, it could be brought in as soon as 2028, affecting those now in their late 50s.

However, the other report, by the former CBI chief John Cridland, foresees more modest changes. He recommends bringing the change from 67 to 68 forward by seven years, from 2046 to 2039. That would mean anyone currently under the age of 45 having to work an extra year.
The changes are due to be phased in gradually, over a two-year period in each case.

Source: BBC News (published 23 March)

The article is now available to share with your clients! Here’s the link for you to share on social media: State Pension Age Could Be Raised to 70:

Events News

Buy-to-Let Workshops

Join us for one an upcoming Buy-to-Let Workshop near you.

We’ll be exploring market trends, overlooked opportunities and discover new ways to maximise your Buy-to-Let client bank.

Dates and Venues

Tuesday 02 May Midlands – Hilton Hotel, Warwick
Thursday 04 May Scotland – Houstoun House, Livingstone
Tuesday 09 May North – Wetherby Racecourse
Thursday 11 May London – LDC Offices

Check your inbox for details of how to register your place.

PTFS logo

Source: PTFS Events and Sponsorship Team

And Finally

Young People and Money – Having the Conversation

Parents are most likely to talk to their kids about money matters between the ages of eight and 15. But, according to Money Advice Service research, children should be included in money discussions from the age of four.

And, if we don’t start talking about it earlier, millions of young people are set to enter adulthood without the skills needed to manage their money and an increased risk of falling into life-changing debt.

Kirsty Bowman-Vaughan, Children and Young People Expert at the Money Advice Service said:

“We know that parents might feel as though they’re protecting their children by not talking to them about money, yet helping children to understand how to save and handle money is one of the most important things parents can do to ensure their long-term financial security”.

The research found children who did not have the chance to spend their own money were substantially less likely to save, compared to those who had been involved in money discussions.

Children aged 12 to 17, whose parents made their spending decisions, were nearly five times more likely to say borrowing money didn’t bother them, even if they had no plans to pay it back.

This age group was also more likely to choose unnecessary spending over essential expenditure and are less confident managing their money.

How well do you know people attitudes when talking to their children about money? Find out with the Money Advice Service’s quiz.

Source: Monday Advice Service Blog (published 28 March)

The article is now available to share with your clients! Here’s the link for you to share on social media: Young People and Money – Having the Conversation: