Raymond James Investment Services Limited adopts a zero tolerance approach to modern slavery. We are committed to acting in an ethical manner, with integrity and transparency in all business dealings.
We operate within the financial services sector and, in comparison to other goods and services providers; there is a lower risk of modern slavery occurring within our business and supply chain. This is largely because our supply chains are not complex and our employees are often qualified professionals.
We are committed to ensuring that there is no modern slavery or human trafficking in our supply chains or in any part of our business. Our Anti-slavery Policy reflects our commitment to acting ethically and with integrity in all our business relationships and to implementing and enforcing effective systems and controls to ensure slavery and human trafficking is not taking place anywhere in our supply chains.
As part of our initiative to identify and mitigate risk we:
• Identify and assess potential risk areas in our supply chains.
• Mitigate the risk of slavery and human trafficking occurring in our supply chains.
• Monitor potential risk areas in our supply chains.
• Protect whistle blowers.
We have zero tolerance to slavery and human trafficking. To ensure all those in our supply chain and contractors comply with our values we ensure that we have in place a rigorous supply chain compliance programme.
To ensure a high level of understanding of the risks of modern slavery and human trafficking in our supply chains and our business, we provide training to our staff.
In order to reduce risk and to assist in combating slavery and human trafficking we have implemented the following steps:
• We conduct eligibility-to-work checks during the recruitment process for all applicants.
• We have in place an Anti-Corruption and Bribery Policy as well as an Anti-Money Laundering Combating Terrorist Financing Policy. These policies enable us to better identify any modern slavery issues both internally and within our supply chain. We provide training to our employees on the above policies.
• We encourage employees to express any concerns they may have regarding actions which they believe are inconsistent with our ethical standards, which includes, for example, suspected instances of modern slavery. In addition to setting out clear internal reporting lines, we also provide the option of reporting concerns to an independent corporate hotline.
• We provide formal training to key staff on how to recognise and report modern slavery risks within our business and supply chain.
• Whilst conducting our Supplier Risk Assessment, we ask suppliers whether they are aware of and can confirm they comply with modern slavery legislation. We then take their response into consideration when determining whether to continue with said relationship.
• We request that, where appropriate, suppliers include a clause contracts confirming both parties’ commitment to complying with all applicable legislation, including anti-bribery and modern slavery legislation.
We will continue to assess the modern slavery risk to our business, evaluate the effectiveness of the steps described above and determine whether further steps should be implemented.
This statement is made pursuant to s.54 of the Modern Slavery Act 2015 and relates to the financial year ending 31st December 2024.
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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