When creating Making Things Better Together, we ensured that being a Responsible Business underpinned all our CR activities. However, with our strategy evolving, in 2016 we intend to measure progress here too, setting targets for our relationships with our customers, people and suppliers.
Why is it important?
Our actions are guided by major responsibility issues, including:
- Transparency - trust in the financial services sector rose 8% in the last five years, but overall trust in the industry is still low at just 51%. Greater transparency and collaboration with customers is needed, with a recent report suggesting product transparency and rewarding loyalty is the best way to promote greater trust;
- Support for vulnerable customers – the industry is committed to supporting vulnerable customers. In September 2015, the UK Financial Services Vulnerability Taskforce was launched to improve the experience of customers who may be in vulnerable positions; and
- Gender balance – Women only make up 26% of FTSE 100 boards and the percentage of female executive directors in the FTSE 100 sits at just 8.6% (2016).
How do we tackle the issue?
We take steps to integrate corporate responsibility into our daily business, building trust with our stakeholders by increasing the transparency of how and what we communicate.
As a responsible business, we have a long-term commitment to ensuring our organisation operates in a way that makes all our stakeholders proud. We achieve this through our policies and communication, by our approach to risk management and by actively listening to customer, colleague and investor feedback.