Financial year end 2023
1. Introduction
1.1 This statement sets out the approach taken by the Metropolitan Police Friendly Society Limited (“Metfriendly”) to identify all potential modern slavery risks related to our business, and the steps taken during the financial year to ensure that slavery and human trafficking are not taking place in our operations nor in our supply chains.
1.2 This is Metfriendly’s statement under section 54 of the Modern Slavery Act 2015 and covers the financial year from 1 January 2023 to 31 December 2023.
2. Our Structure, Business and Supply Chains
2.1 Metfriendly has no trading subsidiaries. Metfriendly has a turnover of over £45 million. This Modern Slavery Statement therefore applies only to Metfriendly.
2.2 Metfriendly is a mutual company, offering investments as well as insurance products and services in the UK. We employ circa 40 staff; most are based at our office in Orpington, there are some staff who work remotely.
2.3 Our supply chain includes the provision of services to us in regard to actuarial work, audit, human resources, information technology, payroll, premises, publishing, reinsurance and website hosting. Throughout 2022 and 2023 we engaged an IT support services company to develop a new IT processing system for us; they operate internationally and were subject to due diligence to ensure satisfactory compliance with the Act.
2.4 We engage independent investment fund managers to manage our investments, who operate internationally with their own Modern Slavery policies and statements.
3. Overview – Policies and Procedures
3.1 Metfriendly has a zero tolerance to slavery and human trafficking. We aim to conduct our business in an ethical and transparent manner.
3.2 Our suppliers are primarily UK based providers of professional 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. However, we continue to periodically review the effectiveness of the relevant policies and procedures that we have in place.
3.3 Our internal policies and procedures are outlined below:
3.3.1 Any purchasing activity must follow the internal due diligence process and adhere to all applicable UK laws and regulations.
3.3.2 Our Employees – Metfriendly treats all its employees with dignity and respect in an environment that is free from discrimination and harassment. Metfriendly will only recruit staff after ensuring that they are legally permitted to work in the UK and will pay wages in accordance with all UK laws, rules and regulations. We have a formal Whistleblowing Policy through which we encourage our employees who have serious concerns about wrongdoing or suspected wrongdoing in the workplace to come forward and voice their concerns or contact the Modern Slavery Helpline directly.
3.4 Senior Management have been briefed on the Modern Slavery Act 2015.
