Financial services Covenant support for the Armed Forces community

Covenant support for the Armed Forces community includes the following:

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“I don’t know about the civilian financial services available to me, as the Armed Forces have always provided me with what I need”

MOD has published financial top tips for service personnel and guidance on financial support for reservists.

Joining Forces is three credit unions working together to provide savings accounts and loans to the Armed Forces and their families. They can offer free and impartial financial guidance to service personnel across Defence, covering all aspects of financial services.

“I have a limited credit history, as being in the Armed Forces means I deal less often with financial services companies”

The three credit unions in Joining Forces understand that service in the Armed Forces and deployment abroad can negatively affect credit history. They can look at wider circumstances than many high street lenders.

“I incur costs from having to gain Consent to Let from my mortgage provider, or change my mortgage to buy-to-let, when the Armed Forces re-locate me”

The Housing Covenant support page addresses this issue.

“I incur motor insurance cancellation fees and lose my No Claims Discount when the Armed Forces post me overseas”

Service personnel posted overseas can avoid paying motor insurance cancellation fees. They can also protect their no claims discount for up to 3 years. Several insurance providers extend this offer to Service families too. However, it is important to check any exclusions with insurance providers. The Association of British Insurers has provided a full list of participating insurers, and what specifically they offer.

“I can’t use my car when the Armed Forces post me overseas, but have to continue paying for it, as it’s on finance”

The Financial Leasing Authority and the National Franchised Dealers Association have published the Motor finance solution for deployed service personnel. This was developed in conjunction with the MOD Covenant team. The protocol offers tailored support to Armed Forces personnel deploying overseas, and their families. This is in an effort to remove disadvantages frequently experienced by personnel with a motor finance policy.

“I incur broadband cancellation fees when the Armed Forces re-locate me”

The vast majority of the UK’s largest broadband and media providers have committed to waiving cancellation fees for Armed Forces personnel posted aboard or to another part of the UK. By committing to this waiver as part of their Covenant pledge, it should also apply to families of serving personnel.

“I can’t use my mobile phone when the Armed Forces post me overseas, but have to continue paying for it, as it’s on contract”

Since 2015, most large mobile phone contract providers have committed to removing disadvantage to the Armed Forces community by allowing suspension of UK mobile phone contracts until they return to the UK. Companies who have signed up to this pledge include:


Further information

  • If you have a query or comment about the Armed Forces Covenant and wish to receive a response, please use the Contact Us form.
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