UK Asset Resolution Ltd (“UKAR”) has a zero tolerance to slavery and human trafficking and is committed to ensuring there is no modern slavery within its business or supply chain.

Business Activities

UKAR is the holding company established on 1 October 2010 to bring together the government owned businesses of B&B, NRAM and MX (the “Group Companies”). These businesses are closed to new business and are mortgage books in run off.
Given the limited nature of the business of UKAR and its Group Companies it is considered that there is minimal risk of modern slavery or human trafficking either at UKAR, the Group Companies or in their limited supply chains.

Steps Taken

Supplier Network

The UKAR and Group Companies’ supply chain relates to the provision of mortgage administration services and routine support in relation to the maintenance and support of office operations. The Companies do not act as a producer or manufacturer of physical goods and have no supply chain in relation to such services. All of UKAR’s and the Group Companies’ operations are carried out in the United Kingdom although some limited IT support services are provided to a supplier from abroad.

As part of the extensive financial and operational due diligence carried out before the appointment of new suppliers, questions are asked about compliance with the modern slavery legislation, the use of child and forced labour and whether the supplier has a Business Code of Conduct, including ethical conduct. We monitor our key suppliers’ responses to the modern slavery questions and in 2019/20 we engaged with all suppliers to request a declaration regarding their awareness of the modern slavery legislation; our zero tolerance approach to modern slavery; and their obligation to comply with the legislation. The declaration also required suppliers to declare a commitment to the prevention of modern slavery.

To date no issues of slavery or human trafficking activities within the supply chain have been identified.

Our Own Business

UKAR and the Group Companies seek to comply with all relevant employment legislation and operate a number of policies and procedures to identify and prevent modern slavery and human trafficking within their own workforce.

We have arranged training for our Procurement, Human Resources and Secretariat management teams on compliance with the Modern Slavery Act 2015 and the Transparency in Supply Chains Provisions.

We have also appointed a Non-Executive Director as our Whistleblowing champion and encourage colleagues at UKAR and the Group Companies to report any concerns about modern slavery and human trafficking within our business or supply chain through the internal whistleblowing process or to the Modern Slavery Helpline.

The Board of Directors delegated approval of this statement on its behalf to the Chief Executive Officer at its Board meeting on 27 July 2021.

Ian Hares
Chief Executive Officer
27 July 2021

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