Slavery and Human Trafficking Statement

Introduction

This is the modern slavery and human trafficking statement of Vaultex UK Ltd for the financial year ending 30th September 2017.

The Modern Slavery Act 2015 creates offences in respect of slavery, servitude, forced or compulsory labour and human trafficking. Respect for human rights, the prohibition of child labour and prohibition of forced labour (Modern Slavery) remains a serious issue in global society. We all have a responsibility to be alert to the risks, however small, in our business and in the wider supply chain. Vaultex UK Ltd is committed to combatting all such forms of modern slavery.

Organisation structure

Vaultex UK Ltd is a wholly owned joint venture between Barclays Bank plc and HSBC Bank plc. Vaultex UK Ltd has its head office in London with operational and support function sites across the UK.

Our business

Vaultex is one of the UK’s leading cash processors. Our mission is to deliver best-in-class integrated cash management for our customers.

Retailers and other businesses rely on us to count their cash with the highest level of accuracy and settle their customer accounts as swiftly as possible. We store cash in highly secure environments before returning it to circulation.

Vaultex has developed a number of new solutions for customers. We offer a growing portfolio of seamlessly integrated cash management services; adding value, simplifying contracts and consolidating account management. Our Managed Service contracts provide holistic cash solutions that cover the end-to-end cash cycle, from accurate forecasting to CIT and ATM maintenance.

Our supply chains

Our supply chains include the sourcing of raw materials and components on a global basis, although a significant amount comes from the UK.

Our policies on modern slavery

We are committed to ensuring that there is no modern slavery in our supply chains or in any part of our business.  Our Governance Guide and Supplier Relationship Programme Handbook reflect our commitment to acting with integrity in all our business relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our supply chains.

  • Vaultex UK Ltd Governance Guide (January 2018)
  • Supplier Relationship Programme Handbook (January 2018)
  • Corporate Social Responsibility Policy (May 2017)

Due diligence processes for modern slavery

As part of our initiatives to identify and mitigate risk:

  • Vaultex has clearly defined internal and external policies which incorporate the relevant topics related to Modern Slavery
  • A risk register including due diligence checks is maintained for all Key Suppliers and selected Controlled suppliers, and is subject to annual review
  • New key suppliers are subject to due diligence by our Internal Audit and Risk functions before contract award

Supplier adherence to our values

We expect all those in our supply chain comply with our values.

Training

To ensure a high level of understanding of the risks of modern slavery in our supply chains and our business, we provide training to relevant members of staff using the Vaultex online learning facility (VOLT).

Our effectiveness

We are taking the following steps to measure how effective we have been in ensuring that our policies in respect of human rights, the prohibition of child labour and prohibition of forced labour have been implemented in our business and supply chains:

  • Annual CSR Report defining steps and measures undertaken by Vaultex UK Ltd
  • 14 out of 15 Key Supplier risk registers reviewed in 2016/17, as well as selected Controlled suppliers for this period, with due diligence checks having been carried out on each
  • All Risk Registers will be reviewed between February and March 2018, with a Modern Slavery attestation built in
  • In 2016/17 we wrote out to our Key and Controlled suppliers asking them to attest to having zero tolerance towards modern slavery in all its forms in their supply chains
  • We worked with 10 of our consumable providers to better understand their supply chains in terms of companies and countries of manufacture
  • Auditing of key suppliers –twelve of 16 key suppliers reviewed to date, with four key supplier reviews planned for FY2017/18

This statement is made pursuant to section 54(1) of the Modern Slavery Act 2015 for the financial year ending 30th September 2017.

Approved by the Executive Committee, 1st March 2018

Phil Vaughan
Chief Executive Officer
Vaultex UK Ltd