Making A Claim, But Not in The Usual Sense
It has come to our attention that many Veterans in the UK have conflicted feelings about using the Veterans Hearing Fund. Many feel they are making a claim against the British Legion. In fact, that couldn't be further from the truth. The Veterans Hearing Fund is in fact funded by HM Government using monies from fines raised during the Libor Scandal. Let me explain.
The LIBOR Scandal
The Libor Scandal was a series of fraudulent actions in which financial institutions (Bankers, it's always Bankers) were accused of fixing the London Interbank Offered Rate (LIBOR). LIBOR is an important interest rate in global finance. It is used to determine the price that businesses pay for loans and individuals for mortgages and is also used in derivative pricing.
The rate is supposed to represent the interest rate that a bank pays to borrow from another bank. The scandal involved banks understating the interest rate, which could keep the Libor rate low. Because of the manipulation of the rate leading up to the financial crisis in 2008, this made financial institutions appear stronger than they actually were.
Millions in Fines
The scandal became evident as emails and phone records were released during investigation. Regulations in both the United Kingdom and United States levied millions of dollars in fines on banks involved in the scandal.
Funding The Veterans Medical Fund
HM Treasury decided that some of the cash raised through these fines would be used to support Veterans medical needs (imagine Governement actually getting something right!). The Royal British Legion’s Veterans Medical Funds programme is funded through a five year, £13m commitment from HM Treasury using income from the Libor fines.
Hearing Loss and Serious Physical Injury
The Veterans Medical Fund has two elements: support for veterans with hearing loss and support for veterans with serious physical injury. Each programme has been designed in consultation with the Ministry of Defense (MOD), National Health Service (NHS), Department of Health and representatives from subject matter experts in the medical and Armed Forces charity communities. The structure and intent of the Funds are based on the Legion’s desire to reduce or negate disadvantage to those who have served.
The Veterans Hearing Fund
We have spoken about the Veterans Hearing Fund before here, however to re-iterate, the Veterans Hearing Fund provides support to veterans who acquired hearing loss during Service where there is a wellbeing need that cannot be met through statutory services. For instance, because of the typical nature of hearing loss caused by service, often hearing aids may not be enough for an ex service person to manage. In this case, the fund will finance extra equipment like wireless accessories or assitive devices to ensure they get on.
UK Veterans Hearing Help
We have mentioned UK Veterans Hearing Help here before, these guys are committed to working with the Royal British Legion to ensure that Vets get easy access to the fund if they need it. The lads will guide you through the application and they have built a network of hearing centers across the country who will look after you.
As an ex service member with hearing problems you should be well looked after. Again, this isn't the normal type of legal claim or compensation. No solicitors and no courts involved. Simply the UK Government through the British Legion recognising your service and your individual needs because of that service.
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Posted by Geoff
Geoffrey (Geoff, anything else makes him nervous) Cooling is an Irish hearing aid blogger and has been involved with the hearing aid industry for over ten years. He has worked in private practice dispensing hearing aids and as a manufacturer's rep. He has written two books and they are both available on Amazon. He loves technology, passing on knowledge and is legendary for many other things, primarily the amount he curses, his dry and mischievous sense of humour and his complete intolerance of people who are full of themselves. Please feel free to connect with him
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