Modern Slavery
Our modern slavery statement is below. Alternatively, download it
here.
This statement comprises the Slavery and Human Trafficking statement of Masthaven Limited
(the "
Bank”) pursuant to section 54(1) of the Modern Slavery Act 2015 for the financial year ending
30 April 2022.
The Business
The Bank is a UK based lending and savings bank launched in November 2016. On 1 February 2022,
the Bank announced its withdrawal from the UK banking market over the next two years and whilst
the Bank undergoes the withdrawal, the Bank will continue to maintain governance and follow its
Modern Slavery Process. 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 its engagement with third party suppliers, that resonate with the Bank's 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, which 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.
Our Policies
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
Training
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 2022 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.
Board Approvals
This statement has been reviewed and approved by the Board 8 July 2022.
Simon Furnell
CEO
26 September 2022