Modern Slavery and Human Trafficking Statement
This statement sets out the steps we have taken in the last financial year to prevent modern slavery and human trafficking from taking place in our business and supply chain.
As a world-leading provider of market infrastructure, across a portfolio of 6 core brands in 27 countries, TP ICAP takes its obligations under the Modern Slavery Act very seriously.
We recognise human trafficking and forced labour exists in both developed and developing economies and across sectors. Therefore, we are committed to taking steps to combat the risk of any form of modern slavery from occurring our business or supply chain.
We have made further progress over the past year, in relation to our purchasing policies, supplier risk management and the training of colleagues. In 2022, we will continue to build on what we have learnt, increase our awareness of areas of high risk and deepen understanding of modern slavery across the business.
Our business and supply chain
TP ICAP is the world’s largest interdealer broker, providing professional intermediary services to match buyers and sellers of different financial, energy and commodities products.
We are headquartered in London and employ c. 5,300 people globally. Further details of our structure and operations can be found in our 2021 Annual Report.
As a global company, we rely on over 4,000 suppliers, the majority of which are leading global providers of IT, telecoms, market data and professional services, located in the UK, US and Europe.
We are committed to operating in accordance with the International Bill of Human Rights and we support fully the UN Guiding Principles and other internationally accepted standards, including the International Labour Organisation Declaration on Fundamental Principles and Rights at Work.
These commitments are reflected in TP ICAP's Group-wide policies, which set the standard of expected business behaviour for all employees. Relevant policies include:
- Our employee handbook which aims to foster a workplace environment that is fair, open and respectful, and one that promotes and protects the rights and dignity of all employees;
- Our Procurement Policy which sets out internal requirements for buying goods and services, including the TP ICAP supplier code of conduct;
- Our Corporate Social Responsibility Policy which covers issues relating to human rights, equal opportunities, employee development, health, safety, and welfare;
- Our Whistle blowing Policy which encourages staff to report any concerns about wrongdoing.
Assessing and managing risk
TP ICAP has a Third-Party Risk Management Framework which governs the way in which third party risks are identified and how suppliers are contracted and managed throughout.
As part of the initial supplier onboarding process, TP ICAP suppliers are required to complete a self-assessment questionnaire which includes specific questions on modern slavery. Any risks or issues identified from the responses are flagged to the relevant TP ICAP team for further investigation.
In addition, TP ICAP subscribes to an ongoing third-party due diligence screening service that provides adverse modern slavery flags on the TP ICAP supplier base
Lastly, we are currently finalising an update to our supplier code of conduct to ensure to ensure we have sought the relevant ongoing assurances from our supply chain partners in relation to modern slavery
Training & awareness
Throughout 2021 we have been regularly communicating any changes to the Procurement governance controls, including the aspects in relation to modern slavery. We have also been monitoring non-compliance with these governance controls and taking the necessary steps where we identify instances of policy breach. We can report that we did not identify any policy breaches in relation to modern slavery during 2021.
Next steps in 2022
We will continue to raise awareness of modern slavery risks among colleagues and suppliers.
We are also looking to upgrade our Third-Party Risk Management systems and processes to give greater visibility of supplier data across our supply chain.
This statement sets out the steps we have taken in the last financial year to prevent modern slavery and human trafficking from taking place in our business and supply chain. It is made pursuant to section 54 (1) of the Modern Slavery Act 2015, for the financial year ended 31 December 2021.
Approval of this Statement
This statement was approved by the Board of Directors on 6 October 2022.
Chief Executive Officer, TP ICAP
Chief Financial Officer, TP ICAP
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