BAR Advanced Payment Guarantee
Updated General Terms
13 March 2020
Dear Member,
We find ourselves in unchartered waters in that for the first time in several generations we are at the mercy of a global pandemic, which in turn is having a major impact on the world’s financial markets causing the value of investment portfolios, including the BAR APG Scheme, to be significantly below where they were prior to the onset of this crisis. The Board of Directors of the BAR have been monitoring the situation continuously and took the decision yesterday (12/03/2020), that in order to maintain the integrity of the Scheme, it was necessary to revise the general terms of the APG Scheme to ensure that it is able to meet the heightened risk of multiple business failures and continue to provide protection to the consumer. The revised general terms of the Scheme are now uploaded to the BAR website in both the consumer facing pages and in the Members area, so please do take the time to familiarise yourself with those changes and, in turn, update your key staff so that they are appropriately informed.
If you have any concerns or questions, please do not hesitate to contact me.
Kind regards
Ian Studd
BAR Director General
