AFC0035

Written evidence submitted by Wg Cdr Simon Stafford.

I would like to bring it to the attention of the committee that there is a significant lack of support and understanding from UK Banks and financial institutions regarding the status of serving military pers and their families whilst serving overseas. This has caused a number of issues with regards to renewal of mortgages, remortgages and Isas, accredited to the fact that personnel do not currently reside in the UK, even with a BFPO address.

I have personal experience of the issues in two key areas that resulted in a lack of options for both my Isa, where my only option was to cash in as no UK based company would accept my non-residential status as residential and my re-mortgage which resulted in only one choice of lender.

Even when the Bank or institution was a signatory to the AFC, they were adamant that not residing in the UK was exactly that and that lending, or savings could not be authorised based upon the current financial governance of the UK.

Could I respectfully ask that the committee look at this factor when assessing the current impact, that a lack of support via the covenant, is having on overseas based personnel.

23rd January 2025