Modern Slavery Statement
Introduction and Purpose
This statement is made pursuant to section 54 of the Modern Slavery Act 2015 (the “Act”) and constitutes the Asta Group’s continued commitment to adherence to the Act.
This statement is for the financial year ending 31 December 2019. It sets out the actions taken by the Asta group (“Asta”) to understand potential modern slavery risks related to its business and to put in place measures aimed at ensuring that its business and supply chain are free from modern slavery and human trafficking.
Structure of Asta
Asta comprises Asta Capital Ltd and all its subsidiaries, including the regulated entities, Asta Managing Agency Ltd and Asta Underwriting Management Ltd.
Asta Managing Agency Ltd (AMA) is a Lloyd’s managing agent, authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. AMA manages a number of Lloyd’s syndicates and Special Purpose Arrangements.
Asta Underwriting Management Ltd (AUML) is an insurance intermediary, authorised and regulated by the FCA.
The Asta group has over 135 employees in the UK and an annual turnover of £39m for the financial year ending 31 December 2019.
Asta recognises its obligations to all those with whom it has dealings – shareholders, employees, customers, clients, professional and regulatory authorities, suppliers, competitors and the wider community. Asta demands and maintains the highest ethical standards in carrying out its business activities and promulgate a zero-tolerance approach to modern slavery. Accordingly, this policy is reviewed annually.
We are committed to ensuring that there is no modern slavery and human trafficking in any part of our business or supply chains.
Our Supply Chains
Our supply chains are limited and we believe that the risk of the Asta group becoming involved in the support or encouragement of slavery, human trafficking or forced labour is minimal. Asta outsources some functions to reputable professional firms, including but not limited to IT vendors and claims service providers, and indirectly utilises the services of third parties for office management. Our suppliers are expected to operate to the highest professional and ethical standards and to comply with all local and national laws and regulations.
We have continued to identify and minimise the risk of slavery and human trafficking occurring within our business and supply chain. As part of our initiative, we:
- Identify and assess potential risk areas in our supply chains.
- Mitigate the risk of slavery and human trafficking occurring in our supply chains.
- Monitor potential risk areas in our supply chains.
- Make our suppliers aware of our standards and zero tolerance of human rights abuse; and,
- Annually review our existing policies and procedures, as detailed below, both for engaging new suppliers and monitoring existing suppliers in order to make every effort to ensure that they meet the requirements of the Act and the ethical values expected of them by Asta.
Our working practices respect and uphold all human rights for our partners, employees and contractors. To ensure a high level of understanding of the risks of modern slavery and human trafficking in our supply chains and our business, we have a range of policies that are published to all staff. These include:
- Anti-Slavery and Human Trafficking Policy;
- Whistleblowing Policy;
- Ethics Policy;
- Financial Crime Policy;
- Anti-Bribery Policy;
- Sanctions Policy;
- Outsourcing Policy: and
- Employee Code of Conduct which forms part of the Staff Handbook;
which set out a developed set of values which are embedded in our business. We provide mandatory training to our staff, who adhere to the standards outlined in these policies. Furthermore, as part of our performance management process, staff are assessed against meeting these values, which include treating people fairly and with respect.
Staff reporting any concerns or breaches of any policy are protected by the Whistleblowing Policy.