Sustainability Statement
Custodia Financial Services is owned and run by Viral Patel and has been trading since 2012. Custodia's innovative and forward-thinking approach has earned them a reputation as one of the best financial planning providers. Custodia’s wealth management services focus on lifestyle financial planning. Viral and the team operate from the Harrow Business Centre, where they have rented a flexible office space managed by Bradcode Ltd since 2014. The office space is equipped with the latest technology, is stylishly decorated to produce a productive work environment, provides secure access, and is maintained to a high standard with an EPC rating of A+ and many environmental considerations for the working environment.
Custodia’s services range from financial planning services, such as planning for retirement, buying your first house, income protection, school fees planning, moving house, upsizing or downsizing & Inheritance planning. Custodia’s process includes a telephone call to identify a detailed outline of needs and wants from the client, including levels of risk and budgets. Then a discovery meeting with clients allows Custodia to substantiate the needs of the client and to gather information about the client’s life and financial goals intersect. This information is used in the planning meeting with the client to deliver a financial plan to work on together and meet objectives and agree on financial products and objectives. Once agreed upon, Custodia will work to implement the plan, liaise with financial providers, and continuously monitor the status of investments and plan until set up. Regular check-in meetings and updates follow to ensure continuity of service.
Custodia always seeks inspiration and new ways of working, including new technology and sustainable options, sharing ideas with the wider community and industry contacts, regularly attending networking events, and always learning. Conducting regular reviews on sourcing solutions that care for the planet when procuring. services and running our rented office space is crucial to providing an all-around sustainable service and continually improving sustainability practices that reduce impacts on the environment.
Custodia supports the Teenage Cancer Trust by raising money from its annual charity walk that the office members and other Harrow Business Centre office members take part in collectively.
The Financial Conduct Authority, which is one of the regulators of the financial industry and Custodia is a member, provides training and support and has been selected to support the New Leaf Foundation “Streets of Success’ programme that helps purchase vital equipment for hospitals and supports the homeless in various cities throughout the UK.
Custodia subscribes and abides by several laws and regulations for its clients' protection, confidentiality and security.
- The Financial Conduct Authority (FCA)- industry regulator.
- The Financial Services Compensation Scheme (FSCS) – financial security.
- The Financial Ombudsman Service (FOS) – independent and impartial complaints advice
- The Information Commissioners Office (ICO) – data protection body upholding information rights.
- The General Data Protection Regulation – data protection regulations.
- The Equity Release Council (ERC)- industry body for the UK equity release sector.
- The London Institution of Banking, Finance and Securities (TLIBFS)
- The Chartered Institute for Securities and Investment (CISI)
Custodia has embarked on its sustainability journey and has worked with Auxilium Business Consulting Ltd to audit its environmental impacts. We are committed to being seen as providing “sustainable investments, services and solutions, today and for the future”, always learning, challenging what we do and how and why we do it. Custodia will continue its sustainability journey and regularly update its activities and impacts in the four pillars of environment, community, workplace, and philanthropy to help build a greener planet.
Viral Patel - Founder
Custodia Financial Services
25th May 2023
Sustainability Roadmap
Along with Custodia’s sustainability statement above, this policy/roadmap sets out ways in which it has already made impacts and plans to in the future. This policy/roadmap includes up-to-date information on their contributions and impacts on the environment, workplace, community, and charitable & social enterprises, which Custodia is also committed to maintaining and implementing.
Our strategies include the following
- Reducing Carbon Footprint via energy-efficient practices in our operations, waste reduction, and proper disposal.
- Promoting sustainable sourcing of materials and products from suppliers that have their sustainable credentials in place and together promoting, communicating, and encouraging others.
- Engaging with Stakeholders, including future employees, freelancers, contractors, customers, and suppliers, to raise awareness of sustainable practices.
- Continuously monitoring and evaluating our performance in relation to our sustainability goals and targets and reporting on any changes, adjustments and additions needed.
Custodia is committed to minimizing the impact of its activities on the environment and accepts these responsibilities as part of its business strategy. There is a constant need to consider ways in which energy is conserved and waste is reduced in everything we do.
The ‘why’ around commitment
The owner Viral Patel believes that having a vision and starting on the journey of being a socially responsible and legally compliant business is vital. It helps safeguard society and the planet for future generations and focuses on the sustainable activities it employs.
Through its sustainable actions, processes, and procedures, Custodia is more efficient, productive, and resilient to future challenges, making a positive impact for:
- The environment on which we all depend,
- The workplace and the people we employ, our clients, the supply chain and stakeholders,
- The communities where we operate; and
- Our philanthropic agenda.
This sustainability policy/roadmap reflects Custodia’s impacts to date to build a greener planet.
- What it has already done and what is in progress.
- What is planned?
- And, if applicable areas that cannot be implemented.
What Custodia Financial Services has done/is doing
Custodia Financial Services is run and owned by Viral Patel from an office in the Harrow Business Centre in Harrow Middlesex, owned and managed by Bradcode Ltd Commercial Property Management.
Many of the sustainable procedures within the office have been led and introduced by Bradcode Ltd but have always been upheld by all the employees of Custodia as part of working in the Harrow Business Centre.
The key points of Bradcode’s strategy are;
- To minimise waste by evaluating operations and ensuring they are as efficient as possible.
- To minimise toxic emissions by selecting and using its fleet and the source of its power requirement.
- To actively promote recycling both internally and amongst its customers and suppliers.
- Source and promote a product range to minimise the environmental impact of both production and distribution.
- Meet or exceed all the environmental legislation that relates to the Company.
- Use an accredited program to offset the greenhouse gas emissions generated by our activities.
Custodia Financial Services
What Custodia is planning to do?
Every small business can make incremental and sustainable impacts, no matter how small. All these impacts will build up over time, and the journey is always a ‘work in progress’ with additional implementations made over time. No one can do everything straight away, but having a plan and monitoring the implementation of these impacts their metrics and building on them provides a framework and baseline from which to measure, build evidence and incorporate into business policies and procedures and make desired changes that support the planet.
These are some areas that Bradcode Ltd is considering/planning to implement for the office building and space that Custodia rents.
- Phasing the replacement of LED bulbs throughout the rest of the building.
- Phasing the replacement of electrical equipment used on the premises with products of maximum energy efficiency ratings.
- Switch to 100% renewable energy tariffs for electricity.
- Phasing the replacement of non-renewable heating sources (oil, gas-fired systems)
- Invest in electric car charging points.
- Review retrofit options for the office building (e.g. glazing, & roof insulation)
In addition, here are some areas that Custodia is considering/planning to implement for its own business;
- Vet & ask future suppliers & Stakeholders for their sustainable products and services, processes, and policies - What actions are they taking, and what measures do they have to reduce emissions? Do they
- Get involved with more charities and donate time and money where possible. ( Review annual budget to donate to causes.)
- Sign up to an Ecologi membership to plant trees.
- Use Ecosia as the default search engine (the search engine that plants trees for a better planet with every search)
- Collate and collect data and examples on an ongoing basis to evidence Custodia’s impacts.
- Research additional sustainable groups and forums to join the financial industry to help promote sustainable sourcing, services, and events.
- Tell Custodia’s clients about its efforts to date towards sustainability (being transparent about activities and encouraging others to do the same)
- Consider adding information to the Custodia website outlining all the sustainable impacts it makes to communicate and educate clients as to why they are making design decisions and approaches and encourage them to do the same.
- Support more local green events and initiatives to promote sustainable sourcing for the financial industry.
- Prioritise local businesses for procurement services (cross-promote services)
- Consider using a low-carbon emissions car in the future, i.e., a Hybrid.
- Consider expanding community activities via sponsorship, pro bono work, and donations.
- Offer preferential rates to small local charities.
Custodia is committed to reducing its environmental footprint and promoting sustainable practices in all aspects of its business. This includes providing adequate resources to measure and minimise its impacts and go beyond to leave a positive legacy.
Custodia will carry out the necessary actions to communicate its vision and goals internally and externally to its clients, supply chain and customers to achieve its targets and goals for sustainability.
This policy roadmap sets out Custodia’s progress and activities to date, and this document will be reviewed and updated annually or sooner if required.
Viral Patel - Founder
Custodia Financial Services
25th May 2023