The Society’s Board fully supports the objectives of the Modern Slavery Act 2015 and is intent on meeting the specific requirements of the Act in relation to where the Society might encounter modern day slavery. Specifically, the Society will not engage in any business activity with a third party organisation which engages, or is believed to engage in, people trafficking, slavery, forced labour or domestic servitude.
The financial services industry does not carry a high risk exposure to modern day slavery. Nonetheless, in order to meet its responsibilities in this area the Society undertakes due diligence on third party partners and suppliers to ensure that their policies and practices are both compliant with the Modern Slavery legislation and are aligned to the Society’s expectations.
This is a new area where our knowledge and expertise will develop as the Society’s teams complete these reviews. As such, our assurance approach will evolve to reflect this experience.