Modern Slavery Statement

Scottish Friendly Assurance Society Limited 

This statement, made pursuant to section 54(1) of the Modern Slavery Act 2015, sets out the approach taken by Scottish Friendly Assurance Society Limited (Scottish Friendly) to understand all modern slavery risks related to our business, and the steps taken during the financial year ended 31 December 2025 to ensure that slavery and human trafficking are not taking place in our operations and supply chain. 

This statement applies to Scottish Friendly and its subsidiaries: Scottish Friendly Asset Managers Limited, Scottish Friendly Insurance Services Limited, SFIS (Nominees) Limited, MGM (Trustees) Limited and SF Pension Managers & Trustees Limited. 

What is Modern Slavery? 

For the purposes of the Modern Slavery Act 2015, modern slavery includes slavery, servitude, forced or compulsory labour, and human trafficking. Victims may be coerced into modern slavery through a variety of means, including violence, physical or psychological threats.

Our Business 

Scottish Friendly is an incorporated friendly society, offering investments as well as insurance products and services in the UK. We employ 365 staff; all are based in the UK and are primarily located at our office in Glasgow, working in a hybrid manner from this location or their homes. 

Scottish Friendly pay salaries that meet or exceed the Real Living Wage as set by the Living Wage Foundation, as part of our broader commitment to ethical employment practices.

Supply Chains 

Our supply chain includes the provision of services for administration, information technology and 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 approach to slavery and human trafficking and aims to conduct its business in an ethical and transparent manner. 

Our suppliers are primarily UK‑based providers of professional and outsourced services. Due to the nature of our business and suppliers, as well as our approach to governance, we consider our risk of slavery and human trafficking to be  very low. This assessment considers the nature of the services procured, supplier geography and the extent of outsourced and professional services used by Scottish Friendly. We continue to periodically review the effectiveness of the relevant policies, processes and procedures that we have in place. 

Overview - Policies and Procedures 

Scottish Friendly operates a number of internal policies, processes and procedures designed to ensure the business is conducted in a transparent and ethical manner. 

Recruitment Policy: Scottish Friendly operates a comprehensive set of policies to ensure compliance with employment law. To prevent modern slavery and ensure legal employment practices, all potential employees are required to provide documentation confirming their legal right to work in the UK. Additionally, credit and criminal background checks are conducted as part of the hiring process. 

Whistleblowing Policy:  Scottish Friendly operates a Whistleblowing policy which enables employees to raise concerns confidentially regarding the treatment of colleagues, concerns relating to suppliers, business practices or misconduct without fear of retaliation. 

Procurement and Outsourcing policies, processes and procedures:  Scottish Friendly operates a robust procurement process which includes full supplier 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 the procurement, preparation of agreements and ongoing relationship management expectations relating to modern slavery and ethical conduct. All new suppliers are required to complete a modern slavery attestation as part of the Supplier Risk Evaluation process, which is also applied to existing suppliers during contract renewal. Suppliers are expected to conduct their business in a manner consistent with Scottish Friendly’s commitment to preventing modern slavery and human trafficking. 

Effectiveness 

Scottish Friendly is committed to the continuous development and improvement of its approach to respecting human rights and preventing modern slavery. On an annual basis, Scottish Friendly’s suppliers undertake the supplier attestation process and this applies to both new and renewing suppliers.  

Approval 

This statement has been reviewed and approved by the Scottish Friendly Board of Directors on 4 June 2026 and signed on its behalf by: 

Pam Simmons, Company Secretary