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THE FINANCIAL CONDUCT AUTHORITY

Company number: 01920623

Reporting period:
1 October 2020 to 31 March 2021

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

This report was filed on 10 May 2021

and approved by Nikhil Rathi

Payment statistics

Average time taken to pay invoices: 11 days

Invoices paid:

• within 30 days: 86%
• in 31 to 60 days: 8%
• in 61 days or more: 6%

Invoices due but not paid within agreed terms: 13 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Standard payment terms for goods and services are 30 days from invoice date.
Standard payment terms have been temporarily amended to reduce payment terms to provide suppliers relief and enable them to protect jobs and maintain cash flows. The FCA targets to have 85% of valid supplier invoices, where services / goods have been received and approved, paid within 5 working days of receipt.
The temporary amendment follows the Cabinet Office’s issuance of the Procurement Policy Notice in March 2020 requiring all public bodies to take measures to ensure service continuity of suppliers during and after the coronavirus outbreak to preserve the liquidity of the supply market. The FCA, as a Contracting Authority, has complied with this requirement until further notice.
Payment is issued once invoice(s) have been fully authorised by the requesting business area and payment scheduled to be issued within agreed payment terms.
All payments are issued on a weekly payment cycle.

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

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Invoice payment disputes, complaints or concerns should be raised directly to the Accounts Payable Department via email accountspayable@fca.org.uk, all payment dispute emails raised with the Accounts Payable Department will be responded to within two business days.
If required the Accounts Payable department will refer the dispute (e.g. the cause that is preventing invoice approval / payment) to the relevant business contact requesting contact to respond directly to supplier.

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.

No

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