Our modern slavery statement is below. Alternatively, download it here
Modern Slavery Act Statement 2021
This statement comprises the Slavery and Human Trafficking statement of Masthaven Bank Limited (“the Bank”) pursuant to section 54(1) of the Modern Slavery Act 2015 for the financial year ending 30 April 2021.
The Bank is a UK based lending and savings bank launched in November 2016. The Bank is a growing UK specialist bank with a focus on secured residential property lending and digital retail savings products. The whole ethos of the Bank is designed to treat customers fairly, and make sure that it delivers what it promises.
Given the nature of the Bank’s operations, there is a very low risk of exposure to Slavery and Human Trafficking issues. However, the Bank continues to take its responsibilities seriously and has sought ways to champion better work and working lives to raise awareness of the issues of Modern Slavery and Human Trafficking.
Our Supply Chains
The Bank does not act as a manufacturer, producer or retailer of any physical goods and as a financial services provider lending solely in the UK, it has a relatively straightforward supply chain compared to other sectors.
The Bank strives to achieve mutually advantageous supplier relationships built on common values and expectations. It is the Bank’s commitment to conduct business in a responsible and sustainable manner that underpins our engagement with third party suppliers, that resonate with our core values.
Due Diligence Processes and contract process
In order to take a proactive stance against Modern Slavery, the Bank asks that all its staff and suppliers to behave ethically at all times during the sourcing and the supply of goods and services to the Bank.
The Bank has a rigorous supplier assessment process which includes questions focused on Modern Slavery activities and signals, this is deployed on a risk basis, according to the nature of services provided. Suppliers are required to report on staff training and the audit process they conduct regarding identifying the risks of Modern Slavery in its own supply chain.
The Bank will request suppliers comply with the Modern Slavery Act 2015 and require businesses to make an annual statement of compliance.
The Bank’s policy first approved by the board in October 2020, confirms that the Bank will conduct all business with integrity and that we have a zero-tolerance toward Modern Slavery.
The Bank has various policies in place which aim to minimise the risk of Modern Slavery or human trafficking, and encourage the reporting of any related concerns including;
- Third Party Supplier Procurement & Performance Management Policy
- Whistleblowing Policy
- Anti-Money Laundering Policy
- External Outsourcing and Supplier Policy
All employees are required to undertake awareness training of Modern Slavery on an annual basis. For those employees purchasing goods or services they follow the Modern Slavery process that has been embedded within the Bank to ensure they conduct checks prior to engaging with new suppliers.
Our effectiveness in combating slavery and human trafficking
In 2021 there were no reported instances of Modern Slavery within the Bank or its supplier relationships. The Bank will continue to review and monitor its approach to Modern Slavery amongst our colleagues and suppliers on a regular basis.
This statement has been reviewed and approved by the Board 30 June 2021.
30 June 2021