Modern Slavery Statement

This statement, made pursuant to section 54(1) of the Modern Slavery Act 2015, sets out the approach taken by Scottish Friendly to understand all potential modern slavery risks related to our business, and the steps taken during the financial year to ensure that slavery and human trafficking is not taking place in our operations and supply chain.

What is Modern Slavery?

Modern slavery refers to people exploited for other people's commercial or private gains. The victims are coerced into modern slavery through a variety of means, including violence and physical and psychological threats. Worldwide, an estimated 50 million people are victims of modern slavery*.

Our Business

Scottish Friendly is a friendly society, offering investments as well as insurance products and services in the UK. We employ circa 300 staff; all are based at our office in Glasgow and work in a hybrid way from this location or their home.

Scottish Friendly aims to pay salaries that meet or exceed the real living wage as set by the Living Wage Foundation

Supply Chains

Our supply chain includes the provision of services for administration, information technology & equipment, professional advisers, publishing, payroll and premises.  We do not act as a producer, manufacturer or retailer of physical goods.

Scottish Friendly has a zero tolerance to slavery and human trafficking. We aim to conduct our business in an ethical and transparent manner.

Our suppliers are primarily UK based providers of professional services. Due to the nature of our business and supplies, as well as our approach to governance, we consider our risk of slavery and human trafficking to be very low. However, we continue to periodically review the effectiveness of the relevant policies and procedures that we have in place.

Overview - Policies and Procedures

Scottish Friendly operate a number of internal policies and processes, ensuring we are conducting business in a transparent and ethical manner.

Recruitment Policy – Processes are in place to ensure that Employment Law is complied with across Scottish Friendly. In addition, potential employees must provide documentation to prove that they can legally work in the UK alongside credit and criminal background screening.

Whistleblowing Policy – Scottish Friendly operates a Whistleblowing Policy so that all employees know that they can confidentially raise concerns about how colleagues are being treated, concerns around suppliers, business practices or misconduct.

Procurement and Outsourcing policies & procedures – Scottish Friendly operates a robust procurement process that includes full due diligence, supplier risk evaluation and contractual terms that set clear guidelines on Modern Slavery.  Our Outsourcing Policy provides clear guidelines on the management of procurement, preparing of agreements and ongoing relationship oversight of any outsourced provider.

Effectiveness

Scottish Friendly will continue to develop and improve our approach to respecting human rights and preventing modern slavery.

Senior Management have been briefed on the Modern Slavery Act 2015. This statement is approved by the Board and signed on its behalf by:

Pam Simmons

Company Secretary

*Source: United Nations Modern Slavery Report 27th September 2022.