LIBOR Fines and Military Charities
21st March 2013

The Chancellor announced yesterday in the budget an interesting recipient of the money raised in fines from the LIBOR scandal  [London inter-bank offered rates]

The fines totaling 1.3 million will be split between the following 3 military charities

  • The Soldiers, Sailors,  Airmen and Families Association will get £1.1m to account support groups for families of use crew who have been killed or injured
  • The Felix Fund will  get £65,000 to yield breaks for all 32 explosive ordering teams approaching to lapse from Afghanistan in a subsequent 12 months
  • Tickets for Troops will get £160,000 to yield tickets to musical, sporting, party and  informative events for use crew and those who have been medically discharged

Fines collected by the Financial Services Authority (FSA) are normally kept by the authority and used to lower the membership fees that financial services pay to the City watchdog..

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