Modern Slavery Statement

The Modern Slavery Act 2015 came into effect on 29th October 2015. Section 54 of the Act requires certain businesses to provide information regarding the steps they have taken to eradicate slavery and human trafficking from their own firm and from their supply chain.

What is modern Slavery?

Modern slavery is a heinous crime and has been described as the human rights issue of our time, tackling it is a top priority for our Government. The Home Secretary has emphasised the vital role that businesses have to play in tackling modern slavery. Modern slavery is a brutal way of maximising profits, by producing goods and services at ever lower costs with scant regard for the terrible impact this has on individuals. Modern slavery takes many forms, from women forced into prostitution, to child slavery in supply chains or whole families working for nothing to pay off generational debts. Slavery thrives on every continent and in almost every country. Forced labour, people trafficking, debt bondage and child marriage are all forms of modern-day slavery that affect the world’s most vulnerable people.

Our Business

Oakbrook Finance Limited (“Oakbrook Finance”) is a wholly owned subsidiary of Oakbrook Holdings Limited and O6K Limited (“O6K Limited” and collectively with Oakbrook Finance, “Oakbrook”) is an affiliate of Oakbrook Finance wholly owned by Oakbrook Holding (UK) Limited.

Oakbrook Finance was established in 2011 and provides unsecured personal loans to individuals resident in the UK through its trading styles, Likely Loans and Oakbrook Loans. As at 31st December 2020 Oakbrook Finance had approximately [Insert] employees.

O6K was established in 2021 and provides data science and analytic support to Oakbrook Finance through service arrangements as required. As at September 2021 O6K had approximately 159 employees.

Oakbrook Finance and O6K are committed to opposing slavery and human trafficking and we will not tolerate it within our business or supply chains. We pride ourselves on high standards of ethical behaviour and integrity in all that we do.

Recruitment and Training

We apply high standards in our recruitment and employment of people. We conduct appropriate due diligence on all our prospective employees including a combination of credit reference searches, employment references and DBS checks. The individual’s right to work in the UK is established in all instances. Whilst we maintain complete ownership and responsibility for these matters, we utilise 3rd party advisers where we deem it necessary. Oakbrook strives to only employ people who share the same people focussed values as the Company. Our values, which are underpinned by a set of behaviours, are embedded within the culture at Oakbrook. We are committed to the development of our people and helping them realise their true potential by training and supporting them.

Our opposition to slavery and human trafficking and our expectations of high ethical standards are supported by our corporate policies which we comply with as part of our ordinary business activities, this includes our human resources policies, Whistle Blowing Policy, Anti Money Laundering Policy, and Anti Bribery Policy.

We comply with all applicable employment law relating to employee terms and conditions, including pay. We promote and develop people on the grounds of merit and capability alone and have a diverse workforce and an inclusive culture. The physical and mental well-being of colleagues is of importance to the Company and benefits include a free, 24 hour, independent advice line which is available to all colleagues.

Supply Chain

As Oakbrook Finance offers unsecured loans to UK residents only and O6K operates solely to service Oakbrook Finance, our supply chains are straightforward. Our supply chain includes but is not limited to:

  • IT and software
  • Legal services
  • Marketing and advertising
  • Office equipment and stationary
  • Outsourced collections activities
  • Introducers
  • Premises
  • Recruitment

We consider there to be minimal risk of modern slavery or human trafficking in our supply chain, however, we remain cognisant of the risk in this area and monitor latest developments and best practices in these areas. An appropriate level of scrutiny and due diligence is undertaken by various business areas, including compliance and risk, prior to any new supplier being permitted to supply goods or services to Oakbrook Finance. Part of the due diligence process involves the new supplier submitting information about themselves, this includes answering questions about prevention of slavery and human trafficking. Ongoing due diligence is undertaken, the scale of which is determined by the nature of the relationship but may include either a desk based review or a site visit as described in our Policy. The process is fully documented in the Third Party Engagement and Management Policy.

The supplier management process is under constant review to enable further focus to be given to those companies posing the highest risk and to ensure that the process remains visible, fair and transparent.

The routine reviews being undertaken of suppliers by the compliance department have also been reviewed to ensure that any change in the scope of work being conducted by suppliers is captured and risks documented in a consistent manner. Ongoing compliance reviews will continue to be a focus.

This statement has been approved by the board of directors and is made on behalf of Oakbrook Finance Limited trading as Likely Loans and Oakbrook pursuant to section 54 of the Modern Slavery Act 2015 and constitutes our slavery and human trafficking statement for the financial year ending 31st December 2021. This statement will be reviewed on an annual basis.