By Daniel Hunter

The Government is changing the rules so that fines from banks and other financial services firms no longer go to the industry. It has announced that £35 million of fines imposed for attempted LIBOR manipulation and other unacceptable behaviour will be used to support Britain’s Armed Forces community.

Revenue from penalties, which has been received from the financial sector this year in excess of enforcement case costs, will be used to support the British Armed Forces through the Armed Forces Covenant.

This new funding will be allocated by The Armed Forces Covenant Reference Group across areas such as: Healthcare, Mental Healthcare, Housing, Education, Support after Service, Family Life and Care in Service, Family Life and Responsibility of Care, and Recognition.

This builds on action already taken by the Government to ensure a fair deal for the Services, including: doubling the Operational Allowance for troops on operations; doubling the Families Welfare Grant; and doubling the rate of council tax relief for personnel serving on operations.

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