In 1957 the then First Sea Lord, The Earl Mountbatten of Burma and the Second Sea Lord and Chief of Naval Personnel, Admiral Sir Charles Lamb, were concerned for the future of several thousand officers and men who were to be 'axed' under defence cuts following the end of the Korean War. It was Admiral Mountbatten's inspiration that the financial expertise of the City of London be sought so that the best possible advice could be made available to help those who would be leaving the Naval Service and starting a new career in civilian life. One of the principal aims was to avoid the tragic errors made by many servicemen following the 1919 'axe', and to ensure that the financial compensation, known as the "golden bowler", should be protected and wisely invested.

Commander Charles Lamb, who had published papers and stimulated interest in the problem, was given the task to develop the idea in the City. Though he quickly received much support from banks, institutions, companies and individuals, it was not until he had the good fortune to meet James Scrimgeour - a senior City figure - that the plan began to take shape. On the 24th June 1958 the White Ensign Association was founded and Charles Lamb, having retired from the Royal Navy, was appointed as Manager, under the Chairmanship of Admiral Sir John Eccles, and the Council of Management presided over by David Robarts. It soon became apparent that such unique, expert and impartial advice was needed not only by those leaving the Service but often by those still serving. Consequently the Association extended its activities to encompass help on a whole range of general financial matters including investments, insurance, house purchase, pensions, education, tax, commutation and resettlement. As the workload increased over the years the role expanded, and the Association steadily grew in importance. The Association was fortunate to have the support of a succession of senior and influential people both from the City and the Naval Service. Presidents and Chairmen of the Association have included Governors of the Bank of England, Chiefs of the Defence Staff and Presidents of the major banks and City firms. Gradually the Association became established as one of the prime links between the Naval Service and the City, commerce and industry. At the end of the 1960's the White Ensign Association moved to its present headquarters onboard HMS BELFAST in the Pool of London.

Today the important and valuable links with the City of London remain, and the Association operates under the constraints of the Financial Services and Markets Act 2000 completely free of commercial links with the professional advisors in all areas of activity, and has added an employment role. A membership scheme was introduced for the many supporters of the Association's work, and details of this are set out under "membership" on this website.

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