Modern Slavery Act Statement

This statement is made pursuant to section 54 of the Modern Slavery Act 2015 and sets out the steps that Charles Schwab, U.K., Limited has taken and is continuing to take to ensure that modern slavery and human trafficking are not taking place within our business or supply chain.

Modern slavery encompasses slavery, servitude, human trafficking and forced labour.  Charles Schwab, U.K., Limited has a zero tolerance approach to any form of modern slavery. We are committed to acting ethically and with integrity and transparency in all business dealings and to putting effective systems and controls in place to safeguard against any form of modern slavery taking place within the business or our supply chain.

Organisation structure and business of Charles Schwab, U.K., Limited

Charles Schwab, U.K., Limited provides investment products and services to help individuals access and navigate the U.S. market. Investors can take advantage of Schwab’s online tools and resources as well as work closely with its U.S. licensed professionals in London. Charles Schwab, U.K., Limited: Registered in England and Wales No. 4709153. Registered Office: 78-84 Colmore Row, Birmingham, B3 2AB. Authorised and regulated by the Financial Conduct Authority under No. 225116.

Supply chains

Charles Schwab, U.K., Limited does not act as a producer, manufacturer or retailer of any physical goods. As a provider of financial services, we do not have a very long or complex supply chain - our main suppliers are providers of office supplies and professional support services such as IT, recruitment, legal, accountancy, marketing, public relations and facilities management. While we consider our suppliers to be relatively low risk of engaging in practices of modern slavery and human trafficking, we nevertheless remain committed to preventing the occurrence of any such practices both in our business and our supply chain.

Policies and due diligence

Charles Schwab, U.K., Limited has a zero-tolerance approach to any form of modern slavery and human trafficking. We are committed to acting ethically and with integrity and transparency in our employment practices, in all business dealings and to putting effective systems and controls in place to safeguard against any form of modern slavery and human trafficking taking place within the business or our supply chain. 

Charles Schwab, U.K., Limited takes a proportionate view and risk based approach on assessing its suppliers. New suppliers will be required to complete a due diligence questionnaire confirming compliance with the requirements of modern slavery legislation. If a supplier is unable to provide such confirmation, Charles Schwab, U.K., Limited will adopt a zero-tolerance approach and will not engage that supplier. We believe this approach is proportionate to the level of risk in our supply chain. 

Charles Schwab, U.K., Limited requires all employees to comply with its conduct standards (including acting with integrity and in a professional and ethical manner) designed to promote ethical behavior and compliance with legislation. If we discover that any of our employees have been complicit in human trafficking or modern slavery, we will take appropriate disciplinary action against them. 

Charles Schwab, U.K., Limited also has an established Whistleblowing Policy which provides an opportunity for employees to raise any concerns including modern slavery and human trafficking. The Whistleblowing Policy allows for issues of concern to be escalated so that they can be dealt with on a confidential basis.

Training

To increase awareness of modern slavery and human trafficking we have mandated appropriate and relevant training for senior management in 2019. We will consider further appropriate training for all employees.

Our effectiveness in combating slavery and human trafficking

We are still developing our approach to demonstrating the effectiveness of our approach to modern slavery and remain committed to ensuring that high risks areas are identified and that modern slavery is not taking place within our business.

Approval for this statement

This statement is made in accordance with section 54(1) of the Modern Slavery Act 2015 and constitutes Charles Schwab, U.K., Limited’s modern slavery and human trafficking statement for 2020.

Approved by Richard Flynn, Managing Director of Charles Schwab, U.K., Limited