1. Purpose & Objective
1.1 Purpose
The British Business Bank plc (the Bank) is committed to maintaining a culture of openness and transparency with the highest standards of honesty and accountability. The Bank’s Speak-Up policy seeks to ensure that all Colleagues at the Bank (defined in paragraph 2, below) feel comfortable “speaking up” about wrongdoing at the earliest opportunity and that they are treated fairly and with consideration when a concern is raised.
The Speak-Up policy is a key element for safeguarding the Bank’s integrity and it requires the support of all Colleagues. It is aimed at combating practices that might damage the Bank’s activities and reputation.
This policy sets out the kind of wrongdoing that we encourage Colleagues to report under the Speak-Up Policy, how Colleagues can report their concerns, and how each concern will be handled. It gives assurance to Colleagues about how they will be treated if they report, in their reasonable belief, that wrongdoing has occurred, is occurring or is likely to occur. The Speak-Up policy also provides guidance on who Colleagues can approach for advice and support when raising a concern.
1.2 Legal & Regulatory Obligations
The Speak-Up policy reflects UK legal requirements and codes of practice and is intended to be in line with the requirements of the Employment Rights Act 1996 (“ERA”), as amended by the Public Interest Disclosure Act 1998 (“PIDA”) and the Enterprise and Regulatory Reform Act 2013 (“ERRA”). These pieces of legislation provide protection for employees who speak-up on matters that are in the public interest, as outlined in the legislation.
All personal data relating to a Colleague’s concern will be handled in accordance with the Data Protection Act 2018.
1.3 Alignment to Risk Appetite
Risk appetite is the type and level of risk the Board of the Bank is willing to take in order to deliver its strategy and public policy objectives. This policy sits under the Level One Risk Category, People Risk.
It aligns to the Level Two Risk Category, Conduct and Culture, which is defined as
‘the risk that BBB employees fail to act in accordance with end customers’ best interests, fair market practices, or BBB’s Standards of Conduct; or that our culture does not support and drive appropriate colleague behaviours and decision making’.
The Bank’s risk appetite in relation to Conduct and Culture is set at Low.
2. Scope
This policy applies to all Bank entities, operations, subsidiaries and Colleagues (see Appendix 1 for definition). Concerns raised by former Colleagues may also be handled under this policy.
Where a concern principally relates to personal circumstances or grievances, such as alleged poor treatment at work, this should be dealt with under the Grievance Policy.
This policy does not form part of any Employee’s contract of employment or engagement and the Bank may amend it at any time and may depart from it depending on the circumstances of any case.
3. Key Principles
3.1 Policy Statement
We actively encourage you to speak up about any wrongdoing that you encounter during the course of your professional duties (whether you personally observe such wrongdoing or whether you reasonably believe that it has occurred, is occurring, or is likely to occur). We are committed to maintaining an open, safe and discreet environment with the highest standards of honesty and accountability, where Colleagues can report any legitimate concerns in confidence. It is important that Colleagues are aware that they do not need to have any proof that a wrongdoing has been committed, is being committed, or is likely to be committed; just a reasonable belief that is the case.
3.2 Speaking-Up/Raising a concern
If you have any genuine concerns related to suspected wrongdoing or dangerous behaviour or circumstances affecting any of our activities, you should report it under this policy. This may include, in terms of Public Interest Disclosure:
- criminal activity, including fraud, financial mismanagement, bribery or tax evasion etc;
- miscarriages of justice;
- a failure to comply with any legal obligation;
- endangering of any individual’s health and safety;
- damage to the environment;
- deliberate concealment of information relating to any of the above.
Or, in other areas:
- a failure to comply with any professional obligation;
- serious breach of internal policies, procedures or controls;
- conduct likely to cause reputational damage to the Bank and/or the financial wellbeing of the Bank;
- something improper which left unchecked could be damaging to the Bank.
where these are wider than personal issues.
3.3 Protection for those Speaking-Up
The Bank recognises that the decision to speak-up can be a difficult one to make, not least because of the fear of reprisal. We aim to encourage openness and we will support Colleagues who raise genuine concerns under this policy even if they turn out to be mistaken.
The Bank is committed to ensuring that Colleagues will not suffer any detrimental treatment as a result of raising a concern that they reasonably believe to be true. This includes (but is not limited to) dismissal, disciplinary action, threats, bullying or other unfavourable treatment connected with raising a concern. The Bank will also not tolerate any harassment or victimisation of Colleagues who speak-up on any matter, and we will treat any allegations of this seriously. Where an allegation of detrimental treatment on the grounds of having raised a concern under this policy is upheld, this will be dealt with in accordance with the Bank Disciplinary Policy and Procedure.
If, as a result of speaking-up, you feel you have suffered a detriment please raise this with HR.
3.4 How to speak-up within BBB
You should normally raise concerns with your immediate line manager. However, depending on the seriousness and sensitivity of the issue and the nature of the concern, you may feel unable or that it is not appropriate to do so. If this is the case, then you can report your concern to one of the following designated officers (also known as Speak Up Champions) who have responsibility for dealing with concerns raised by Colleagues:
- Managing Director, Internal Audit, content removed
- Chair of the Board Audit Committee, content removed
If you wish to raise concerns on a confidential basis then there is a dedicated email address [email protected] to report a concern in confidence to the Managing Director of Internal Audit who will ensure it is recorded and investigated appropriately whilst maintaining confidentiality as far as is possible.
We hope that Bank Colleagues feel able to voice concerns openly under this policy.
If the Colleague raising the concern wishes to remain anonymous during the investigation process, they can confirm this within the email correspondence. The Managing Director of Internal Audit, content removed will acknowledge this request for anonymity.
Anonymous reports can also be made but colleagues should be aware that it can be very difficult to act on and investigate anonymous submissions.
It is not always possible to keep information anonymous where an investigation has to take place and anonymity cannot be guaranteed.
A meeting will then usually be arranged as soon as possible to discuss the concerns and you will be provided with an indication of how we propose to deal with the matter. You may bring a colleague or union representative to any meetings under this Policy. Such colleague or representative must respect the confidentiality of your concern and any subsequent investigation.
Once a concern has been raised, an investigation will be undertaken and we will keep you informed of the progress of the investigation. If necessary, we may require a further meeting with you. Please note, however, that sometimes the need for confidentiality may mean that we are not able to provide specific details of the investigation. Any details provided to you should be treated as strictly confidential.
All investigations and their findings will be reported to the Board Audit Committee and where required the relevant Government department or regulatory body, taking into account any request for anonymity from the Colleague who raised the concern.
If it is concluded that a malicious allegation has been made, the relevant person(s) may be subject to disciplinary action.
3.5 How to speak-up to an external person
This policy has been developed in order to provide Colleagues with the guidance and reassurance they need to speak-up internally. However, it is recognised that there may be circumstances where a Colleague feels it necessary to raise their concerns outside the business and in these circumstances, they have a number of external avenues open to them.
If you do not feel it is appropriate to raise the matter internally, you may feel it is appropriate to contact a Prescribed Person. The table below provides a non-exhaustive list of some Prescribed Persons likely to be most relevant to the Bank operations (some of these have their own ‘whistleblowing hotlines’):
Relevant Body | Issues that may be referred |
---|---|
HMRC | Administration of tax, national insurance, and tax credit systems. |
Comptroller and Auditor General | Proper conduct of public business, value for money, or fraud and corruption in relation to the provision of public services. |
The Police | Potential criminal offences. |
Financial Conduct Authority (FCA) | Conduct in respect of activities for which BBB is authorised by the FCA. |
Health and Safety Executive | Matters relating to health and safety. |
Department for Business and Trade (DBT) | Fraud and other misconduct in relation to Department for Business & Trade as well as companies in public or private sector. |
Information Commissioner | Compliance with the requirement of legislation relating to data protection and to freedom of information. |
A full list of prescribed persons and guidance on making a disclosure to the relevant Prescribed Person is available here:
https://www.gov.uk/government/whistle blowing list of prescribed people and bodies
3.6 Making a disclosure to another body
It is recommended that Colleagues report their concerns internally with their line management or a designated person in the first instance or with a Prescribed Person where they feel unable to raise the concern internally. However, if you have a concern which you feel unable to raise internally or with the relevant Prescribed Person, you may contact another body, e.g. the Police.
3.7 Advice for managers in receipt of a concern
Colleagues should be encouraged to speak-up and raise genuine concerns. If a Colleague approaches you to raise a concern:
- Listen to their concerns and be empathetic.
- Assist the colleague with determining whether the concern should be dealt with under this policy or under the Bank’s Grievance Policy.
- Treat the disclosure in confidence, and only disclose information where required and to the appropriate persons.
- If the concern is being dealt with under this policy, report the disclosure to the Managing Director of Internal Audit for it to be recorded and investigated.
- Reassure the Colleague speaking-up that they will not be subject to any detriment as a result of raising the concern.
- Manage the expectations of the Colleague and what feedback they can expect.
- Maintain records of your conversations with them, and document any actions taken.
- If possible, confirm receipt of the report to the Colleague within seven days, and inform them of any action you have taken within three months, as well as the status of the investigation and, if appropriate to do so, the outcome when concluded.
3.8 Internal Audit and the Chair of the BBB Board Audit Committee
The Managing Director of Internal Audit, content removed and the Chair of the Board Audit Committee, content removed are responsible for:
- Receiving concerns from managers/Colleagues.
- Maintaining the Speak-Up Register.
- Arranging for investigations of concerns raised, working with other teams such as Legal or HR as appropriate.
- Documenting the findings and securing any evidence.
- Engaging with the Prescribed Persons where there is a need.
- Working with the investigator to propose actions as a result of the findings where necessary.
- Providing feedback to Colleagues during/after the investigation;
- Providing an independent and confidential report to the Audit Committee on each matter investigated
- Pastoral support for the individual who has raised an issue, even if no outcome is able to be communicated to that person.
On an annual basis the Board Audit Committee shall receive an assurance statement confirming the policy is fit for purpose and enabling the committee to review the adequacy and security of the internal arrangements for colleagues to raise concerns, in confidence, about possible wrongdoing in financial reporting or other matters; and ensure that these arrangements allow proportionate and independent investigation of such matters and appropriate follow up action.
3.9 Maintenance of Records
All records relating to a Colleague raising a concern in accordance with this policy must be kept in accordance with the Records Management Policy.
4. Non-Compliance
This Policy sets out what we expect from Colleagues to comply with applicable law.
All identified breaches of this policy must be reported via the Risk Incident Portal on the Bank’s Intranet. Breaches will be assessed by the Policy Owner to determine the further action required and may include disciplinary action in accordance with the Bank’s Disciplinary Policy.
To support your understanding of this Policy you must also complete the annual mandatory training provided by the Bank. Related policies, standards and procedures are available to help you interpret and act in accordance with this Policy.
5. Aligned Policies, Standards & Procedures
- Standards of Conduct
- Records Retention Policy
- Complaints Handling Policy
- Grievance Policy
- Diversity, Equity and Inclusion Policy
6. Policy Controls
A Policy / Key control is a primary control or a combination of primary controls which manages the inherent exposure of a risk to an accepted residual level and within the defined risk appetite.
The Policy controls are visible here: Speak Up Policy Controls - Power BI
7. Further Information
For further information on speaking-up, please contact the Managing Director of Internal Audit.
We would strongly advise you to seek guidance before reporting a concern externally. The independent charity Protect (formerly Public Concern at Work, PCAW) provides further advice for any Colleagues who are concerned about possible wrongdoing at work or who need further guidance. Protect’s website can be found at https://protect-advice.org.uk/