Modern Slavery Statement

Premium Credit Limited and Mizzen Mezzco Limited Modern Slavery and Human Trafficking statement for the financial year ended 31 December 2020


This Statement is for Premium Credit Limited and Mizzen Mezzco Limited, who for the basis of the Statement will be described collectively as PCL.

PCL is committed to carrying out business responsibly, which includes ensuring that slavery and human trafficking are not taking place in any part of the business or supply chain. This Statement sets out PCL’s actions to understand all potential modern slavery risks related to its business and to put in place steps that are aimed at ensuring that there is no slavery or human trafficking in its own business or its supply chains.

1.0 Organisational structure and supply chains

PCL’s purpose is clear; “We proudly support our community of customers and partners in creating opportunities through convenient payments”. PCL is a market-leading provider of insurance premium finance in the UK and Ireland.

The Company also provides finance to pay annual fees such as accountancy and school fees. PCL supports over 3,000 intermediaries in its chosen markets and serves more than 2.1 million customers. PCL is regulated by the Financial Conduct Authority in the UK, and the Central Bank of Ireland.

PCL employs approximately 400 people. Most employees are based on one site in the UK in Leatherhead, Surrey, and in addition there is a team of sales and compliance representatives who travel around the UK. There is an Irish office in Dublin, where approximately 20 employees work. Approximately 140 people were employed overseas in India and South Africa during 2020 providing outsourcing services to PCL. The South African services were returned to the UK in March 2021 which will reduce the number of people employed overseas by approx. 25%.

2.0 Assessing and managing the risk

PCL has reviewed its own business and material suppliers and assessed whether any risks of slavery or human trafficking arise. Risk is managed by using suppliers whom PCL considers to be reputable, and PCL has specifically requested that all material regular suppliers in these areas confirm that their own business activities do not involve slavery or human trafficking.

The supply chain is not extensive and is comprised mainly of outsourced services, which include business processing operations; IT support and development; facilities and cleaning services. Other suppliers provide software. Currently Premium Credit outsource business processing operations and IT Development to a company in India. The service has extensive oversight that incorporates adherence to all policies including this one. Second line risk management teams also conduct an annual review to ensure effectiveness of our controls.

3.0 Relevant policies

PCL operates the following policies that describe its approach to the identification of modern slavery risks and steps to be taken to prevent slavery and human trafficking in its operations:

  • Whistleblowing Policy - The organisation encourages all its workers, customers and other business partners to report any concerns related to the direct activities, or the supply chains of the organisation. This includes any circumstances that may give rise to an enhanced risk of slavery or human trafficking. PCL’s whistleblowing procedure is designed to make it easy for workers to make disclosures, without fear of retaliation.
  • Code of conduct - PCL’s code makes clear to employees the actions and behaviour expected of them when representing the organisation. The organisation strives to maintain the highest standards of employee conduct and ethical behaviour when operating abroad and managing its supply chain.
  • Procurement Policy - The organisation is committed to ensuring that its suppliers adhere to the highest standards of ethics. Suppliers are required to demonstrate that they provide safe working conditions where necessary, treat workers with dignity and respect, and act ethically and within the law in their use of labour.
  • Outsourcing Risk Policy - PCL has several material outsourcing arrangements that are supported by appropriate due diligence documentation. These are subject to service level agreements and controlled through monitoring and reporting in line with its risk policy.
  • Human Rights and Modern Slavery Policy - PCL is committed to ensuring there is transparency in its approach to tackling modern slavery and human rights anywhere in the business or in any supply chains. 

    4.0 Due diligence

    PCL undertakes due diligence when considering taking on new suppliers, and regularly reviews its existing suppliers. PCL’s due diligence questionnaire includes relevant questions and considerations relating to modern slavery and human trafficking.

    5.0 Training

    All employees responsible for procurement and management of supplier relationships receive training every two years. This includes the Executive team and employees in IT, Finance, E-Commerce, Marketing, Operations and the HR. Colleagues in relevant roles at the outsourced providers also complete the PCL training.

    Training includes how to assess the risk of slavery and human trafficking, how to identify signs and what steps to take if slavery or human trafficking is suspected. The focus is particularly on the expectations that PCL has of suppliers and contractors in maintaining an environment that is free from slavery and human trafficking.

    6.0 Performance indicators

    PCL has identified the following key performance indicators (KPIs) to ensure that good practices are maintained:

    Modern Slavery Statement Table 2021  

    7.0 Our continuing plan

    Over the course of the next year, PCL will continue to engage with its suppliers and contractors, to train appropriate colleagues and to promote awareness of policies throughout the company. 

    Board approval

    This Group Statement is made with respect to the financial year ended 31 December 2020 in accordance with section 54(1) of the Modern Slavery Act 2015 and has been approved by the Premium Credit Limited Board on 27 April 2021.  The Statement will be reviewed and (if necessary) updated annually to reflect Premium Credit Limited’s ongoing commitment to ensuring that its business and supply chains are free from slavery and human trafficking.



     Tara Waite, Chief Executive

    30 April 2021