Modern Slavery Act Transparency Statement
The Modern Slavery Act 2015 came into effect on 29th October 2015. Section 54 of the Act requires certain businesses to provide information regarding the steps they have taken to eradicate slavery and human trafficking from their own firm and from their supply chain.
What is modern Slavery?
Modern slavery takes many forms, from women forced into prostitution, to child slavery in supply chains or whole families working for nothing to pay off generational debts. Slavery thrives on every continent and in almost every country. Forced labour, people trafficking, debt bondage and child marriage are all forms of modern-day slavery that affect the world’s most vulnerable people.
Oakbrook Finance is a wholly-owned subsidiary of Oakbrook Holdings Limited. Oakbrook Finance Ltd was established in 2011 and provides unsecured personal loans to individuals resident in the UK through its two trading styles, Likely Loans and Appro Loans. As at 31st December 2017 Oakbrook Finance had approximately 100 employees.
Oakbrook Finance are committed to opposing slavery and human trafficking and we will not tolerate it within our business or supply chains. We pride ourselves on high standards of ethical behaviour and integrity in all that we do.
Recruitment and Training
We apply high standards in our recruitment and employment of people. We conduct appropriate due diligence on all our prospective employees including a combination of credit reference searches, employment references and DBS checks. The individual’s right to work in the UK is established in all instances. Whilst we maintain complete ownership and responsibility for these matters, we utilise 3rd party advisers where we deem it necessary. Oakbrook strives to only employ people who share the same people focussed values as the Company. Our People Value Proposition is embedded within the culture at Oakbrook and articulates our commitment to developing the capability of our people and helping them realise their true potential by training and supporting them. It reinforces our belief in teamwork for the good of our business and customers whilst valuing diversity.
Our opposition of slavery and human trafficking and our expectations of high ethical standards are supported by our corporate policies which we comply with as part of our ordinary business activities, this includes our human resources policies, Whistle Blowing Policy, Anti Money Laundering Policy, and Anti Bribery Policy.
We comply with all applicable employment law relating to employee terms and conditions, including pay. We promote and develop people on the grounds of merit and capability alone and have a diverse workforce and an inclusive culture. The physical and mental well-being of employees is of importance to the Company and benefits include a free, confidential, 24 hour, independent advice line which is available to all employees.
In 2018 we will update our induction training to ensure that all employees have an awareness of the Modern Slavery Act. All employees are trained in the firm’s Whistleblowing Policy and procedures. The Policy will be updated to make reference to concerns about slavery and human trafficking.
As Oakbrook Finance offers unsecured loans to UK residents only our supply chains are straightforward. Our supply chain includes but is not limited to:
- IT and software
- Legal services
- Marketing and advertising
- Office equipment and stationary
We consider there to be minimal risk of modern slavery or human trafficking in our supply chain, however, we remain cognisant of the risk in this area. An appropriate level of scrutiny and due diligence is undertaken by various business areas, including compliance and risk, prior to any new supplier being permitted to supply goods or services to Oakbrook Finance. Part of the due diligence process involves the new supplier submitting information about themselves via an on-line portal, this includes answering questions about prevention of slavery and human trafficking. Ongoing due diligence is undertaken, the scale of which is determined by the nature of the relationship, but may include either a desk based review or a site visit as described in our Policy. The process is fully documented in the Third Party Engagement and Management Policy.
This statement has been approved by the board of directors and is made on behalf of Oakbrook Finance Limited trading as Likely Loans and Appro Loans pursuant to section 54 of the Modern Slavery Act 2015 and constitutes our slavery and human trafficking statement for the financial year ending 31st December 2017. This statement will be reviewed on an annual basis.
Chief Executive Officer