As we have grown, 2020 is the first year that publication of a statement under the Modern Slavery Act 2015 (the “Act”) has applied to us. We are now making this statement reflecting our established practices and future intended action pursuant to section 54 of the Act. This is to let you, our customers, know what Bamboo Limited is actively doing to prevent modern forms of slavery or human trafficking taking place within the business eco-system (of supply chains and industry partners) that we operate in.
Our UK Business
We are a UK only financial services business. We started lending to consumers in 2014. We have built our business around helping customers, with limited or impaired credit histories, access sustainably affordable loans. Our loans are risk price adjusted to our customers credit profiles. Our staff are all based in the UK: in Southampton, London and Caerphilly. We do not undertake any business outside the UK, but we do contract and conduct business with non-UK suppliers and counterparties.
We are authorised and regulated by the Financial Conduct Authority.
We are proud to serve our customers and seek to earn your, our customers, trust and respect in everything we do and how we do it. This includes ensuring where our business touches or affects other lives, in our daily dealings and through our supply chains and industry partners, that we are confident that we do not directly or indirectly compromise human dignity or unwittingly support modern forms of slavery or human trafficking.
Given the nature and location of our UK lending and the eco system we operate in we do not consider that the activities we engage in are particularly prone to or are a target of modern forms of slavery and human trafficking and rate the risk as low. But, we are not complacent, and we are committed to taking our responsibilities seriously and fully supporting the Government’s objectives to eradicate these inhuman practices.
To that end:
- we carry out careful risk based due diligence on the parties we work with before any contract or other arrangements are entered into and thereafter monitor them on an ongoing basis. If any such due diligence identifies a potential risk of a counterparty exposure to modern slavery or human trafficking our Legal & Compliance team are immediately involved;
i ) counterparties in high risk territories or industry sectors; and
ii) our major counterparties,
our new contracts will require specific confirmations of compliance with the Act, and we will be asking for separate confirmations supplemental to existing contracts. Bamboo would terminate arrangements with any such counterparty who is not prepared to provide such confirmations;
- we are undertaking staff education and training activities to develop a good understanding of the modern form of slavery and human trafficking risks and ensure awareness of the need for vigilance in our dealings with our counterparties and supply chains;
- our employees are encouraged to raise any suspicions or concerns about any wrongdoings or breach of legal requirements by any of our counterparties they deal with both generally and specifically in respect of the Act.
This statement has been formally approved by the Board of Bamboo Limited and signed on their behalf.
30th June 2020