Starling's Ethics


#1

Hi,
I can’t find any mention of Starling’s ethics policy on the web site.
I thought I would check Monzo’s website and they talk about their ethics and diversity and its easy to find.
I’m not particularly bothered personally, but lets face it, in this day and age, every company mentions its ethics, investments and diversity so I’m surprised that Starling doesn’t seem to mention it. If it is there, I can’t see it! People will definitely look out for that type of information and for some, it is a big reason to either chose or reject that company!! The only thing close is the section on Women in Finance Charter.


Finally a bank that cares
#2

I always feel that a company that NEEDS an ethics policy clearly had/has a problem to start with. If the company naturally does stuff right they don’t need one. :blush:


#3

Yeah, but lets face it, they need to talk about it and have that info on their web site. Its almost standard practice now days! A lot of people head straight to that section first to see where the company invests and its stance on certain matters. You can’t get away from it these days!


#4

Yes - surprised there’s no corporate section on the site as yet with all the usual.


#5

Exactly, it is a bit weird that it is missing!


#6

Hi everyone. I’ve let the team know about this and we’ll look into it. Thanks for mentioning it!


#7

Absolutely agree. I am currently with Smile as my main account but am looking at other options now the Co-op is moving away from its original structure. I love the Starling experience but if I’m going to be funding fracking, animal testing, right-wing political parties, arms sales etc. I’m not interested in ploughing all my money into it.

I’ve looked at the site for the information and although I couldn’t find it my use of the account so far is only really to test it out. I would expect Starling to be open about the nature of their investments & for their investments to not be completely unethical if they wanted me to use them as my main bank.


#8

Exactly this.


#9

I am relaxed that Starling is a company I want to be associated with and I’ve no doubt that their values will be appropriately displayed for us all to see. Everything I’ve seen of them, both here and in the wider press, points to that.


#10

Just to let everyone know that we are a retail bank with a very simple investment strategy.

Customer deposits are guaranteed by The Financial Services Compensation Scheme (“FSCS”) up to £85,000.

The only investments we have are in the UK Government Securities known as Gilts. Additionally, we make loans to customers, as overdrafts, and hold any surplus cash as deposits with other banks such as the Bank of England.


Sustaining the current account
#11

Your taking the time to disclose that here is much appreciated.


#12

Good to hear about your investment strategy, but I still think Starling needs a page on the website giving the banks stance on ethics and diversity!


#13

Thank you @anne :smile:


#14

Again I disagree @Spencer_Luxford. :stuck_out_tongue:
Their “ethics” can be answered by what they DO… NOT what some cut and pasted text on a web page says. And by their “diversity” I assume you’re referring to something like employee diversity? Like race, colour, sexuality? Seems a bit weird to want to know this but I’m sure it can be again be established by what they do… by who they hire. Go look at their linked in. Seems fairly damned diverse to me! :wink: :hugs:

https://uk.linkedin.com/company/starling-bank


#15

Agreed @GazB publicising your ethical stance is generally only something business do when its either particulaly relevant to their marketing strategy or they actually doing something that could be construed as unethical and want to preempt any negative press by muddying the water. Having said that with GDPR coming into enforcement next May and the Modern Slavery Act in play for 2017 (if Starlings turnover isn’t high enough for disclosure to be required this year then I doubt it will be long before it is) Starling will need to have various ethics policy’s and statements in place.


#16

From my very limited understanding of investments and banking, Starling isn’t the sort of bank that makes those sort of ‘major’ investments in unethical industries that other legacy banks do.

They don’t manage pensions (a major source of that sort of investments) or stocks and shares.

From my understanding of where they intend to take the company as well - it’s unlikely they’ll ever directly get involved in these industries but instead will bring on partners through the Marketplace. Now maybe there might be an argument on how much ‘vetting’ Starling should be doing with it’s marketplace partners though personally I would say it’s up to individuals to check that out before they sign up.

But unless Bob, who’s opened a Starling current account and has a £500 overdraft with them, happens to also be an animal testing arms dealer, I don’t think it’s something yet that’s even on their radar.


#17

Some interesting points here, but hasn’t @anne now explained the bank’s position?


#18

@Graham She has but it’s quite an interesting discussion to have anyway…


#19

It is indeed, Henry, and it’s rewarding to note that the content is positive. We’ve all seen simple chats develop into deep-seated bi-lateral rants.

I kinda think that’s not this forum’s style :slightly_smiling_face:


#20

I love this when we have a subject we all debate and then have different opinions. But can agree on many points without world war 3.