Modern Slavery Statement 2019

Cabot Credit Management

Modern Slavery Statement

for the Financial Year to 31st December 2019

As from this year we have decided to produce a consolidated Group (as defined below) statement which is published in accordance with the Modern Slavery Act 2015 (the “Act”). This is our first consolidated Group statement. This statement outlines the steps taken to prevent modern slavery in our operations and supply chains, in line with the Act, during the financial year ending 31st December 2019.  

Modern slavery, including human trafficking, slavery, forced labour and servitude, is an abhorrent abuse of human rights.  Cabot UK Holdco Limited and the relevant companies within its group (the “Group”) are committed to ensuring full respect for the human rights of those working within our business operations and supply chains as further set out in this statement.

The Group provides a range of credit management services. These services include debt purchases and debt servicing offerings such as early stage collections, business process outsourcing, contingent collections, trace services and litigation activities. The ultimate parent of the Group is Encore Capital Group, Inc. a NASDAQ – listed company, which has its head office in the USA.

This statement includes the activities that the relevant companies within the Group are taking to prevent slavery and human trafficking in their operations and supply chains as required by the Act. These companies are:

Cabot Credit Management Group Limited, Cabot Financial (Europe) Limited and Cabot Financial (UK) Limited (collectively “Cabot Financial”)

Wescot Credit Services Limited (“Wescot”)



UK Debt Purchase

Cabot Financial is one of the largest debt purchasers in the UK and the business is regulated by the UK Financial Conduct Authority. The business currently has around 7 million customers and seeks to treat each customer fairly and offer affordable payment solutions, often through long-term payment plans. Cabot Financial employs circa 700 employees, including circa 350 who work for our call centre.  We service the majority of our customers in-house from the UK and where we need to utilise third-party customer service providers including third party debt collection agencies and debt management companies, all of these provide services from the UK and are regulated by the Financial Conduct Authority.

UK Debt Servicing

Wescot is a provider of collections and recoveries services to a range of lenders, primarily across the financial services and utilities sectors. Wescot is regulated by the Financial Conduct Authority and all of Wescot’s business activities are undertaken from its offices within the UK. Wescot’s customer services are undertaken directly by employees of the company.


Non-UK operations

Cabot Financial (Europe) Limited (“CFE”) also acts as portfolio manager for certain types of debt purchases outside the UK. These business operations are situated in France, Portugal, Poland and Spain. As part of these business activities, CFE obtains services from companies within the Group and/or local suppliers (such as third -party debt collection agencies, and lawyers).  



Due Diligence Processes for Slavery and Human Trafficking

The Group has a number of processes in place to manage the risk of slavery and human trafficking issues arising within its business and supply chains:


Risk Mitigation and Effectiveness of Approach

Whilst the Group’s operating model limits the risk of slavery and human trafficking within our businesses, we recognise the need to continue to monitor for risk in this area and to assess the effectiveness of the controls in place. Our Enterprise Risk Management Framework is used to assess key risks within our business operations. This Framework records the respective risk level associated with the Act’s requirements, any risks are reviewed locally, and if appropriate, escalated as part of the Group governance structure.


This statement is made pursuant to section 54(1) of the Act and has been reviewed and approved by the board of directors of the Group’s holding company being Cabot UK Holdco Limited on 9th April 2020


Craig Buick

Group CEO

Cabot Credit Management