New credit union is a positive step but financial advice needs to be extended to AFCS awards

A credit union has been launched to support Armed Forces personnel access safe and affordable finance, Defence Secretary Michael Fallon announced today – https://www.gov.uk/government/news/new-credit-union-service-launched-for-the-armed-forces

On the face of it this appears a very good initiative and I welcome it.

However, what is also needed, and which is something that we have been tirelessly campaigning parliament on, is the need for wounded troops to be referred to specialist legal and financial advisors before they receive awards through the Armed Forces Compensation Scheme (AFCS).   The current system whereby a member of our armed forces receives payment of his award direct to a bank account with no safeguards that the money won’t be exploited by someone other than the wounded recipient is complete folly and must be urgently addressed.

 

Hilary Meredith