Insurance Overview

The Co-operative Bank has an ethical lending policy which applies across all its transactions with businesses seeking finance.

On applying for banking services with The Co-operative Bank, all business customers are required to complete an Ethical Policy questionnaire. The Co-operative Bank states that it will only offer a business banking facilities when it is confident that there are no conflicts with its Ethical Policy.

The ethical lending policy includes exclusion criteria in human rights; the arms trade; corporate responsibility and global trade; genetic modification; social enterprise; ecological impact, and animal welfare areas.

Since 2011 The Co-operative Bank's Ethical policy has been extended to cover the investments underpinning its home and motor insurance products. As a result it does not purchase bonds issued by organisations that do not meet the criteria of the policy.

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The Co-operative bank has internal controls to monitor its lending policy as well as inviting an independent auditor to comment on the implementation of their policies and publish the findings.

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The Bank states that since its launch in 1992, The Co-operative Bank has withheld over £1.2 billion of funding from business activities that its customers have said are unethical.

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During 2012, 110 finance opportunities were referred to the Ethical Policy Unit in connection with international development and human rights, of which 17 were declined with an estimated cost of £2,659,000 gross income foregone. 

The Co-operative Bank's ethical policy includes human rights criteria. It will not finance any organisation that advocates discrimination and incitement to hatred, or the manufacture or transfer of indiscriminate weapons, e.g. cluster bombs and depleted uranium munitions".

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They will not finance any of the following:

• any government or business which fails to uphold basic human rights within its sphere of influence;
• any business whose links to an oppressive regime are a continuing cause for concern;
• any organisation that advocates discrimination and incitement to hatred;
• the manufacture or transfer of armaments to oppressive regimes;
• the manufacture or transfer of indiscriminate weapons, eg cluster bombs and depleted uranium munitions;
• the manufacture or transfer of torture equipment or other equipment that is used in the violation of human rights.

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Since 1992, they have declined £385m finance to businesses in line with their Ethical Policy statements on international development and human rights. During 2012, 110 finance opportunities (2011:159) were referred to the Ethical Policy Unit in connection with international development and human rights, of which 17 were declined (2011: 13), with an estimated cost of £2,659,000 in terms of gross income foregone.

Co-operative banking Group’s environmental policy covers the key areas of climate change/energy efficiency, water use and waste management.

The environmental policy also contains a commitment to continued improvement in environmental performance.

In 2012 The Co-operative Banking Group maintained its policy of going ‘beyond carbon neutral’ for the sixth consecutive year by offsetting its emissions plus an extra 10% of emissions to cover legacy issues (8% of total carbon offset).

The bank's equal opportunities policy addresses the key issues of race, gender, disability and sexuality.