COVENANT
look forward to further pledges from across the financial services sector to support the Armed Forces Covenant after the recent roundtable meeting.”
Anthony Browne BBA CEO said: “Members of our Armed Forces work all over the world to look after us, so it’s only right that we look after them. The extra support proposed by the banks and the Ministry of Defence will make sure service personnel and their families are not disadvantaged for working aboard and make their mortgages and credit history fairer.”
Of the nearly 800 business signatories of the Armed Forces Covenant, 29 are from the financial services sector.
Other measures discussed at the roundtable were aimed at meeting the unique pressures of service personnel and their families, whose jobs require them to relocate and move more often than in civilian life Problems can arise because the financial services sector has difficulty recognising the postcodes of UK military bases abroad –the British Forces Postal Order index provided for free by the Royal Mail –as UK addresses. Time spent serving their country from UK military bases abroad can affect the Forces community’s credit history,and cause difficulties when applying for products that civilians take for granted, for example mortgages and bank accounts. The Forces can also lose out on benefits and cost savings, like no claims bonuses and discounts, which is being discussed with the insurance industry.
Barclays became asignatory in 2013 and is agold award holder in the Employer Recognition Scheme. The bank has had the proposed mortgage policy in place for anumber of years as part of its offering for serving military personnel and is expected to commit to additional measures put forward in the Armed Forces Covenant Roundtable.
Ashok Vaswani, CEO,Personal and Corporate Banking, Barclays said: “It should be apriority for banks to make sure that men and women who serve our country are not disadvantaged in any way as a consequence of their military service. We recognise the personal sacrifice made by our Armed Forces, so it’s right
www.raf-ff.org.uk Spring 2016 33
that our mortgage policy ensures they are not are penalised. Having had this in place for several years we are delighted to see other lenders now joining us.
“Barclays has already helped over 3,700 veterans through our AFTER employment transition programme and we are determined to do even more to meet the needs of military personnel and veterans by making our banking services more flexible,
accessible and convenient. That is why Iwholeheartedly welcome the Government’s efforts and discussion around what more the banking industry can do as awhole to better serve our Armed Forces.”
For more information on the Armed Forces Covenant please visit:
https://www.gov.uk/government/ collections/armed-forces-covenant- supporting-information
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