FIRST CENTRAL INSURANCE MANAGEMENT LIMITED
Company number: 06489797
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
29 January 2021
Approved by:
John Kennedy
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 11%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 59%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
First Central Insurance Management Ltd's (FCIM) standard payment terms are 30 days from the date of the invoice. The maximum contractual payment period of any qualifying contract is 30 days. There have been no changes to FCIM's standard payment terms during the submission period.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
We aim to deal with complaints at first notification and avoid escalations wherever possible. Complaints
are investigated by a handler who has sufficient competence in the Company’s policies and procedures
relating to complaint handling. Standard Operating Procedures apply to all complaints, informal and
formal.
Once a complaint has been investigated and any errors have been identified and resolved, the
complaint is closed, and a Summary Resolution Notification is sent to the customer providing the
complaint has been resolved in an informal period (by third day following receipt of the complaint) to
the customers satisfaction. The notification will tell the customer how they can escalate their complaint
and give details of the Financial Ombudsman Service.
Standard Operating Procedures apply to all complaints which FCIM are unable to resolve within the
informal period. Final Response communication is sent to the customer in accordance with the
Company’s Complaints Management Procedures, no late than 8 weeks from receipt of the complaint.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
No
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