Teachers Building Society embraces responsibility for its ongoing activities and conduct of staff in relation to the community and the environment.
Our responsibility includes open and frequent communication with our members, staff and educational professionals. We have identified seven key areas that we will review regularly to help us meet our responsibilities:
Ethos
Established by teachers to help teachers own their own home and provide a safe haven for their savings.
Homebuyers
Investors:
The Society also aims to:
Transparency & Openness
As a mutual organisation, we believe that the fair treatment of our customers is integral to our corporate strategy and is embedded within the organisation's policies, procedures and practices. This links in well with the Financial Services Authority (FSA) initiative: Treating Customers Fairly. We have embraced the TCF ethos and closely follow the six consumer outcomes as defined by the FSA.
As part of our support for the FSA's activities, we have set our own standards that anyone dealing with us can expect, committing ourselves to:
Ethical Investment
Because the Society is a mutual organisation, this means that we do not have any shareholders to pay dividends to. The money we raise from savers is lent out on mortgage, accounting for about three-quarters of all the funds we raise and because we are Teachers Building Society, almost all our mortgages are with teachers. The remainder of the funds is lent to a variety of highly rated banks, building societies, and also placed in government bonds. We do not hold stocks or shares or any other sort of investment in any companies.
The Society does have a subsidiary company, TBS Financial Services Ltd whose aim is to provide advice to our customers on life cover provision, pensions, long term investments, ISA's, inheritance tax planning etc. The Company sells only Legal & General products whose products all have ethical fund provision. They also have access to external funds through the L & G platform which allows access to specialist fund providers who also operate ethical funds. An example of such a fund is the F & C Stewardship Growth Fund, the aim of which is to focus on long-term capital growth and increasing income with the emphasis on capital growth. Investment is concentrated in UK companies whose products and practices are considered to be of long term benefit to the community both at home and abroad.
Compliance with Codes of Good Practice
The Society complies with the following codes and practices :
Environment & Sustainability
The Society recognises and understands the importance of protecting the environment and promoting best practice. We continually look at ways to improve our environmental performance, and minimising adverse environmental impacts where practicable.
We make sure that all staff are aware of the environmental and ecological implications of office activities and this is now included as one of our six core values.
Some of the best practices we adopt are as follows:
Staff and directors are encouraged, where feasible, to use non-vehicular or public transport (air travel being the least favoured option) on Society business and the Society also look to offset the carbon emissions of its operation.
Staff Involvement and Support for Charities
The Society has for some years now been committed to raising money for both local and national charities. Every month a collection is made for a charity which has been chosen by a member of staff. Some of the local charities that have been supported in the past are Julia's House, Click Sergeant and the Lewis-Manning Hospice. Other national charities include, Macmillan Nursing, Retinitis Pigmentosa Society, Motor Neurone Disease, Children in Need, Comic Relief and Jeans for Jeans day.
Working Practices
The Society acknowledges that it has a responsibility to ensure effective workplace practices and has developed working policies on diversity, work-life balance and employee development. Through the Teachers' People, Policy and Procedure strategies, and with core values as their foundation, the Society has embarked on making changes required to ensure that wherever possible the Corporate Social Responsibility philosophy is embraced at all times.
