Military personnel think financial services are not to be trusted

The findings'‹'‹ -'‹ which are based on serving men and women in the armed forces, veterans, reservists, and their families – '‹'‹are contained in a new report by The Military Mutual'‹, which'‹ has tracked '‹m'‹ilitary opinion on financial and insurance needs over the last four years.T'‹he mutual said that in a region that is key to the nation’s defence, '‹Yorkshire '‹armed forces personnel and their families are growing increasingly frustrated with the raw deal they are receiving from Britain’s '‹i'‹nsurers. 38 per cent of military personnel in Yorkshire said the industry doesn’t understand the needs of the armed forces and 31 per cent said it doesn’t offer good value products. Specific problems included a feeling that financial services “don’t speak our language” and 61 per cent of armed forces personnel in the region said that insurance is over complicated by jargon.76 per cent want to see call-centres based in the UK and over a quarter (27 per cent) said insurance does not support their families.Problems included insurers raising the price of car insurance even when the vehicle is parked in the barracks (52 per cent cited this), not taking the security of their living arrangements fully into account when quoting (52 per cent) and operating policies to the letter, rather than showing any discretion to their particular needs or circumstances (54 per cent).Many said they dread having to make a claim or get in touch with their insurer because it was usually a headache (43 per cent) and one in five conceded that they probably had too much insurance, for example, having their kit covered more than once.Only 9 per cent said they fully understood their policies and were happy with them.Chairman of The Military Mutual, Major General (retired) Sir Sebastian Roberts, said: “For too long, members of the military family have been a square peg in a round hole when it comes to financial services. “Many, especially those serving or moving into civvy street, have needs different to the average consumer and the mainstream financial services community has never really woken up to this. “Those that have served their country, or are transitioning into civilian life deserve better - better value based on better values.”Sean Loughill, a serving member of The Royal Navy, said: "Having a company that really understands the ‘home and away’ life style of a person like myself serving in the Navy, was really welcome news. "As a mutual, with a board made up of ex serving personnel, The Military Mutual really does understand the restrictions placed on service men and women whilst we are working away or at home.” The Military Mutual is a discretionary mutual and is owned by its members not shareholders.Over the last two years the mutual has surveyed thousands of members to hear directly from them about their concerns, issues, needs and requirements. The study involved people who are currently serving, their family members, those that have recently transitioned into civilian life and also the veteran community.