How we manage our Ethical Policy
The policy at work
Putting our Ethical Policy into practice involves a lot of work behind the scenes.
To make sure nothing slips through the net, we have integrated Ethical Policy compliance systems into our everyday banking procedures.
We check the profile of every new business customer
On applying for banking services with The Co-operative Bank, all business customers are required to complete an Ethical Policy questionnaire. These questionnaires are passed through to a Business Relationship Manager, and/or a member of the bank's New Business Centre, who assesses the proposal against our Ethical Policy.
When something’s not right…
If an issue of concern or potential policy conflict is identified, the business is referred to the bank's Ethical Policy Unit for further investigation.
The Ethical Policy Unit reviews the business application against the policy statements and against the 1,700 plus case studies held on file. Where appropriate, further in-house research will be carried out and appropriate external sources consulted before a decision is taken.
Giving the green light
We will only offer a business banking facilities when we are confident that there are no conflicts with our Ethical Policy.
The potential financial gain to our business is never a factor in the decision.
We’re not afraid to say ‘no’ when there’s a conflict with our Ethical Policy.
Since the launch of our Ethical Policy in 1992, we’ve turned away loans totalling £700 million. In 2006 alone, we turned away some £124 million of loans that conflicted with our customers’ ethical concerns. It’s a substantial amount – but we think it’s a price worth paying to run a business that our customers can feel proud of.
Ultimately, everything is independently audited
We want our customers to have complete confidence that our ethical policies are being properly implemented, and to this end, we are committed to providing you with the information you need to judge for yourself.
That’s why, every year, we invite an independent auditor to comment on the implementation of the Policy. We then publish these findings in The Co-operative Group Sustainability Report.
