Compare it with a modern 'sling badge' and thats what it is!
http://www.poppyshop.org.uk/members-sling-badge.html
The clue is the bolts fit into two of the adjustment holes on the sling!
Edited to add - page may not show, as it is a members page!
A gold coloured metal badge with Legion lion badge design and space for engraving, suitable for attaching to a Standard Bearer's sling. (Cost £9.99 plus postage)