Modern Slavery Act Transparency Statement 2025
Introduction
This Statement is made pursuant to Section 54, of the Modern Slavery Act 2015 and sets out the steps Monmouthshire Building Society (“the Society”) have taken to minimise and manage the risks of modern slavery and human trafficking taking place in our business and supply chains. This statement relates to the financial year 1 May 2025 to 30 April 2026.
The Society has zero tolerance to any kind of modern slavery within our business and is committed to ensuring there is no modern-day slavery within its supply chains.
About Monmouthshire Building Society
Founded as a mutual building society in 1869, we believe that the mutual model is as effective as it has ever been our members' needs are at the heart of everything we do.
Our vision is to be an innovative, exciting, modern mutual, helping members, communities and colleagues to thrive by providing easy to understand savings accounts and mortgages.
In addition to savings and mortgages the Society has also partnered with an authorised insurance broker to offer members a range of independent insurance advice and cover.
Our Colleagues
The Society employs around 290 colleagues are subject to vetting and referencing before joining the business and the right to work I the UK. Colleagues receive regular training on the Society’s values, including whistleblowing and financial crime.
Annual modern slavery training on how to identify and report suspicions of modern slavery to ensure this remains a focus is mandatory for all colleagues.
The Society’s “Speak Up Policy” part of the Society’s whistleblowing arrangements provides colleagues with effective reporting channels to raise any modern slavery concerns.
Supply Chains Risk
The Society sources a range of goods and services including professional services, IT hardware and software to corporate clothing, our supply chain is not complex and
our suppliers are predominantly based in the UK. Where suppliers are outside of the UK additional due diligence is carried out.
The Society expects suppliers to assess their business and supply chains and ensure that they:
- Comply with legal obligations in relation to modern slavery; and
- Are committed to ensuring there is no modern slavery taking place in their business and supply chains
- Notify the Society if they become aware of any incidents of modern slavery in their supply chains
Supplier Due Diligence
A risk-based approach to due diligence has been implemented by evaluating modern slavery and human trafficking risks of all new suppliers.
Risk profiling is carried out before signing a contract with monitoring on an annual basis during the life of the contract, sooner if the Society has been made aware there has been a significant change to the supplier that may impact the risk.
Supplier Due Diligence
The Society remains committed to taking reasonable steps to contribute toward helping eradicate modern slavery and human trafficking by:
- Challenging any abnormally low tenders/quotations to ensure there is no modern slavery within the suppliers organisation and/or supply chain;
- Keeping policies and procedures under review and where necessary strengthen;
- Refreshing the annual modern slavery training;
- Ensuring the Society’s approach to modern slavery aligns to the Society’s Strategic direction;
- Reviewing the Society’s “Speak Up Policy” to ensure the policy includes the reporting of modern slavery issues in the business and supply chain.
This statement was approved by the Board on 22nd May 2025.
