Plastic Money – Changing the Face of Money Laundering

The UK’s bank notes will be changing from 2016.  The new notes will be made of polymer, a thin and flexible plastic material. 

The new more environmentally friendly notes will be harder to counterfeit and are a cleaner and cheaper option than the current cotton pulp note in circulation today.  But crucially the new notes can survive a tumble through the washing machine unscathed.

The reason polymer notes are more environmentally friendly is that they will last far longer than ‘paper’ money, which is prone to damage through getting wet and worn through folding and these often lead to the notes being damaged and taken out of circulation.  It is thought that the current £5 note lasts around six months, whereas the new version is expected to survive for up to two years.  So although the initial production of the plastic notes are more expensive and less environmentally friendly than the ‘paper’ version the durability of the note makes them cheaper and more eco-friendly in the long run.

The first note to get the plastic revision is the £5 and is set to hit the streets in early 2016.  During the change the size of the note will be reduced, the idea behind the size change is to make the notes easier to fit into people’s purses and wallets.  The new £5 note will bear the image of Sir Winston Chrurchill. 

The £10 will follow suit in 2017 and will feature Jane Austin in design.  The Queen will remain on the plastic bank notes and they will retain their current colouring.

 

 

Driving Licence Counterpart to be Abolished

Good news for those of us who have struggled to locate the counterpart to their drivers licence when they have needed it, from 8^th June 2015 the counterpart to the photocard driving licence will no longer be valid.  People applying for a new licence after this date will only be issued with the photocard.

This change is being introduced as part of the Governments Red Tape Challenge, where the Government solicited views from 30,000 businesses and members of the public to identify ways of streamlining business processes and regulations with a view to save companies both time and money.

The photocard and counterpart licence was originally introduced in 1998, the counterpart section was to hold information that doesn’t fit on the photocard, such as any endorsements and penalty points and categories of vehicles which you are permitted to drive, but this information will be recorded electronically, making the document obsolete.

How will the change affect you?

Drivers with a photocard and counterpart licence

After the 8^th June the counterpart will not hold a legal status, and will no longer be required so you should destroy the document and retain the photocard licence.

Drivers with a paper licence

Drivers with licences issued before the introduction of photocard licences, who hold the earlier paper licence should not destroy the paper licence, as this will still be valid after 8^th June. 

It should be noted that if you hold a paper licence and need any of your contact details updated or are required to renew your licence then your licence will be replaced with the photocard version.

Changes to the way Penalty Points are recorded

After the abolition of the counterpart penalty points will only be recorded electronically.  So should you pick up any points you will still be required to submit your licence to the Courts, but your licence will not be endorsed with details of the offence, instead it will be stored digitally.  This new process will be the same whether you hold a photocard or paper licence.

Details of endorsements can be checked online at www.gov.uk/view-driving-licence, or by contacting the DVLA by phone or by post.

Providing others with details of your driving record

There are times that you need to provide details of your driving licence and in particular any endorsements to others, perhaps for work or when you are hiring a car.  A new Share Driving Licence service is to be launched for this purpose.

CSM Proud Sponsors of The London Fashion and Textile Awards 2015

We are delighted to sponsor the UK Fashion & Textile Awards 2015, taking place at Tobacco Dock, London on Thursday 21^st May.  Have you got your tickets yet?  If not you can click here for information on how you can attend.

UK Fashion & Textile Association (UKFT) is a network for fashion and textile companies, it gives British designers, manufacturers, agents and retailers a platform to promote their businesses and the Awards are a celebration of British achievement.

These prestigious awards are to be hosted by two incredibly beautiful and talented individuals.  Amber Le Bon who has featured in many iconic fashion magazines, including Vogue, Tattler and Cosmopolitan and Jack Guinness who, has not only modelled for top names in the industry, but also written for GQ magazine and Tatler.

The Awards consist of 12 categories:

• UKFT – Rise New Comer Award
• Accessories Award
• Exporter Business Award
• Textile Awards
• Let’s Make it Here Award
• Designer Business Award
• Menswear Award
• Womenswear Award
• Childrenswear Award
• Lingerie & Beachwear Award
• Retailer Award
• Natwest UKFT Outstanding Achievement Award.

We are looking forward to being a part of what is set to be a spectacular event. 

New Pound Coin - Things are set to get edgy!

A new pound coin is set to roll out in 2017, well perhaps not roll but more tumble, as the shape is moving from a rounded edged coin to a new 12-sided version.  The new design is reminiscent of the iconic ‘threepenny bit’, the first coin in circulation to carry a portrait of Her Majesty the Queen.

 

The new coin will see a number of security features including dual colouring, as with the current £2 coin, and the new shape.  But a key part of maintaining the coins integrity is a new world-leading technique for producing coins.  The new manufacturing process sees the coin being formed in multiple layers, resulting in the production of the most secure coin in circulation in the world to date.  Which is an essential development seeing as a survey undertaken in November 2013 found that the forgery rate had risen to 3.04%, equating to approximately £45 million fake coins in circulation.

 

To give you a practical indication of the problem check your change against this guide from The Royal Mint.  I hope all your coins are genuine, but there is a real chance that all are not.

 

It’s clear that the change has to be made, but the logistics of implementing the new coinage is huge, as more and more services are automated or are self-service.

 

But how much will it cost to make the changes necessary to accommodate the new coin?  As every mechanism of every coin accepting machine, metre or lock will need to be altered or replaced.  I can’t begin to imagine the cost implication involved in such an undertaking.  From the time taken for re-designing, to the manufacturing of the new component parts to the re-installation or replacement of each individual mechanism.  It is set to be a costly exercise!

 

 

 

Minimum Wage Increases set for October 2015

There has been good news for some of us as the Government recently announce a rise in the minimum wage.  But one area in particular that I was happy to hear was the 21% increase of the minimum pay for apprentices.

As a company CSM support apprenticeships and are delighted to have some very promising individuals on our team.

I personally feel that apprentices are really important to businesses, and apprenticeship schemes should be embraced by as many companies as possible.  It’s unfortunate that not all talented people are in a position to access further education or attend University for one reason or another.  So for some to have an opportunity to earn at the same time as study for a qualification and learn a trade first hand in a real workplace is a really important thing and should be championed by as many as possible.

I’m a firm believer that if you are shown how to do something you are better equipped to do that task, than someone who knows the theory behind why it should be done a certain way, so in the long run surely an apprentice would be at an advantage a few steps further down their career road.

If anyone needs persuading about apprenticeship schemes they need look no further than Jamie Oliver’s Fifteen, where he recruited 15 young apprentices to work with 25 professional chefs and mentors, with the view of opening a reputable restaurant.  This was in 2002, twelve years on and it is continues not only to thrive, but to train and mentor more young individuals.

I hope the financial increase for apprentices entice more people down the path, it could open so many opportunities for young people.