Our sustainability strategy, which is aligned with our purpose to deliver caring banking, ensures that we manage and report on the Environmental, Social and Governance (ESG) issues that are most material to our business activities.
As such, a key priority of this strategy is to operate our business of providing our customers with products and services in a responsible manner. This ensures that we are focused on delivering great outcomes for our customers, from proposition development, through to in-life management, and in the event they experience financial difficulties. The second area of our sustainability strategy relates to acting responsibly and sustainably in all our other stakeholder relationships. This underlines our commitment to: create and inclusive and engaging workplace for our colleagues; support the communities we serve through the Vanquis Banking Group Foundation; ensure that we treat our suppliers fairly; conduct our business activities in an ethical manner; and take action on climate change.
Our sustainability strategy therefore sets out the ambitions, targets and strategic priorities that relate to the issues that are most material to Vanquis Banking Group and its stakeholders, and focuses on creating a business that is sustainable and addresses risks such as those associated with climate change. It centres on the following two areas: operating our business of lending to our customers in a responsible manner; and acting responsibly and sustainably in all our stakeholder relationships.
Our sustainability strategy identifies the following key priorities which we believe are most relevant for Vanquis Banking Group and will drive our long-term Purpose, Values and Strategy.
- Ensuring that every decision we take benefits our customers
- Creating an inclusive and engaging workplace
- Supporting our Purpose in our communities through the Vanquis Banking Group Foundation
- Taking action on climate change
- Ensuring that we treat our suppliers fairly
UN Sustainable Development Goals
This strategy is aligned with the UN Sustainable Development Goals (SDGs), with our efforts focused on the Goals which are relevant to our business and industry, and where our contribution can have the most impact. These are:
No Poverty
End poverty in all its forms, everywhere
Quality Education
Ensure inclusive and equitable quality education and promote lifelong opportunities for all
Gender Equality
Achieve gender equality and empower all women and girls
Decent Work and Economic Growth
Promote sustained, inclusive and sustainable economic growth with full, productive employment and decent work for all
Reduced Inequalities
Reduce inequality within and among countries
Climate Action
Take urgent action to combat climate change and it's impacts
You can read more about the activities and actions we have delivered that contribute to each Goal here.
Stakeholder Engagement
Effective engagement with our stakeholders enables our business to understand their views and concerns, and ensure that these are factored into our decision-making processes. This enables us to provide our customers with products and services that meet their needs, deliver on our purpose and generate value for all stakeholders.
Through the provision of responsible and sustainable products and services, our aim is to support the everyday spending of our customers, help build their savings and promote healthy borrowing.
How we engage with customers
Customer surveys and focus groups; market research and data analysis; applications and other website tools; customer complaint processes; engagement with money/debt advice partners; and proposition development.
What matters to our customers
Customer service; affordability and price; data protection; flexibility; convenience and ease of experience; and help when things go wrong.
The long-term success of the Group requires us to attract and retain the best talent by providing a workplace culture that is meritocratic, supportive and inclusive.
How we engage with colleagues
Colleague forums; colleague engagement surveys; wellbeing surveys; diversity and inclusion affinity groups; all colleague events; team meetings; internal communications channels; training and development; and engaged line management.
What matters to our colleagues
Career development opportunities; health, safety and wellbeing; reward and recognition; diversity and inclusion; positive workplace culture; and communication.
As a dual regulated firm, it is important that we maintain proactive, open and constructive dialogue with our regulators and policymakers so they understand the needs of our customers and the role the Group plays in their lives.
How we engage with regulators and Government
Regular supervisory meetings; trade association membership; participation in multi-stakeholder forums; contributing to public consultation; and engagement charities, NGOs and other partners.
What matters to our regulators and Government
Ongoing regulatory compliance; control and supervision; delivering fair customer outcomes; payment of taxes; financial inclusion; and community investment and social mobility.
Our suppliers play a key role in the way we operate and in delivery of products and services to our customers, so it is important that we build strong relationships with them.
How we engage with suppliers
Due diligence processes; supplier relationship management framework; and ongoing supplier feedback.
What matters to our suppliers
Financial performance; prompt payment; regulatory compliance and data protection; and working with a sustainable and responsible company.
Our purpose inspires us to support children and young people in the communities we serve through colleague volunteering, community investment, and long-term partnerships.
How we engage with communities
Charitable and community partnerships; engagement with schools and colleges; colleague volunteering; and participation in conferences and seminars.
What matters to our communities
Sustainable community investment; financial and social inclusion; volunteering; and communication.
Our Performance
We report our approach to ESG, progress against our priority issues and performance data within our Annual Report and Financial Statements. We also publish performance-related data in our Modern Slavery Statement and Gender Pay Gap Reports on an annual basis.
ESG Highlights
hours volunteered by colleagues during work
hours (2023: 1,696)
invested in the community
(2023: £1.4m)
of complaints referred to FOS upheld in customer’s favour
(2023: 14%)
of our senior management population are
female (2023: 34%)
reduction in our scope 1 and 2 (and associated scope 3) emissions
(2023: 23%)
donated to colleague fundraising efforts
(2023: £16,592)
Being a responsible taxpayer
Taxes allow governments to fund essential public expenditure, enabling them to meet economic and social objectives. Paying tax is a key part of how our business contributes to society.
We’re committed to being a fair and responsible taxpayer. We operate in an open, honest and straightforward manner in all tax matters and we’re fair and reasonable in all our dealings with tax authorities.
We seek to make sure that we comply with all tax rules and regulations the places where we operate. We safeguard our reputation as a responsible taxpayer, while recognising that we also have a responsibility to protect shareholder value by managing and controlling our tax liabilities.
Our Tax Strategy
Our tax strategy, which was last updated and approved by our Board in December 2024 and can be accessed here, follows our corporate Purpose. Our tax strategy is aligned with HMRC’s Code of Practice on Taxation for Banks (the Code) which sets out the principles and behaviours expected of banking groups with regard to tax, and we have unconditionally adopted the Code.
To read more about what makes us a responsible tax payer, please see our latest Corporate Responsibility Report.
To meet the duty under paragraph 16(2), Schedule 19 of the Finance Act 2016, which requires large UK businesses to publish their tax strategies online, the Vanquis Banking Group plc Tax Strategy can be accessed here.
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