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ST ANDREW'S INSURANCE PLC

Company number: 03104671

Reporting period:
1 July 2019 to 31 December 2019

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

This report was filed on 28 January 2020

and approved by James Hillman

Payment statistics

Average time taken to pay invoices: 17 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 4%
• in 61 days or more: 6%

Invoices due but not paid within agreed terms: 8 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

45 days

Standard payment terms

Standard payment terms are 30 days (or 45 days for construction & restoration supplier contracts) after receipt of a correct, undisputed, timely provided and properly due VAT invoice.

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

No

Maximum contractual payment period agreed

45 days

Any other information about payment terms

Invoice Receipt Date
We are currently only able to record the date of receipt of invoices for circa 60% of reportable invoices in this report. Where the date we receive an invoice is not available, we have reported on the date of the invoice itself, as we consider this the most justifiable alternative.

Unknown payment terms
For certain suppliers, our systems do not currently capture details of the payment terms in place under qualifying contracts with those suppliers. Therefore, for the purposes of reporting on our payment statistics for those qualifying contracts, we have assumed that all payments under those contracts are due within 30 days of the date of receipt of the invoice, which reflects our most commonly used contractual payment terms.

Dispute resolution process

Suppliers can raise queries with our Accounts Payable department by email to payment.control@lloydsbanking.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 – Prompt Payment Code

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