FINANCIAL SERVICES COMPENSATION SCHEME LIMITED
Company number: 03943048
1 October 2020
to 31 March 2021
This report was filed on 27 April 2021
and approved by Caroline Rainbird
Average time taken to pay invoices: 10 days
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 6 %
Standard payment period for qualifying contracts
Standard payment terms
Our standard payment period is 30 days from receipt of invoice for all contracts, unless a shorter period is specifically agreed.
Our standard contract conditions can be found in the following location: https://www.fscs.org.uk/industry/supplying-the-fscs/
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Complaints from suppliers are raised with the FSCS employee who ordered the goods/services, or with the Finance team. Colleagues will seek to understand the issue as soon as practical in order to ascertain if the complaint arises from within the business (eg preventing the invoice being approved) or from within Finance (eg preventing an approved invoice being paid) and the relevant colleague will then respond directly to the supplier.
Although we are not aware of this having been necessary, suppliers can choose to escalate to the Chief Executive or a member of the Board of Directors.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?