Published reports

BARCLAYS INSURANCE SERVICES COMPANY LIMITED

Company number: 00973765

This information is as reported by the business, and responses are in their own words.

Reporting period:

1 July 2018 to 31 December 2018

Report filed on:

30 January 2019

Approved by:

Graham Bennett

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Payment statistics

Average time taken to pay invoices: 11 days

Invoices paid:

• within 30 days: 100%

Late and disputed:

Payment terms

Shortest standard payment periods

45 days

Longest standard payment period

Answer not provided

Standard payment terms

45 days from receipt of invoice.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

In first instance disputes to be taken up with the Barclays business contact stated on the PO. For general PO or payment queries e-mail to be sent to VendorQuery@barclays.com

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

Yes, this business has signed up to: Barclays Bank PLC has been a signatory to the Prompt Payment Code since 2009. The group structure has changed considerably since then and we are looking at ensuring that all relevant subsidiaries are still signatories.

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

Yes

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No