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ROYAL LONDON ASSET MANAGEMENT LIMITED

Company number: 02244297

Reporting period:
1 January 2021 to 30 June 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 30 July 2021

and approved by Andrew Hunt

Payment statistics

Average time taken to pay invoices: 9 days

Invoices paid:

• within 30 days: 95%
• in 31 to 60 days: 5%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 5 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Royal London shall pay each invoice which is properly due and correctly submitted to it by the Supplier, within thirty (30) Working Days of receipt, to a bank account nominated in writing by the Supplier.

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

In the event of a dispute the Contract Managers shall meet to use all reasonable endeavours to resolve the issue with ten (10) Working Days of the identification of the issue. If the dispute is not resolved within that time it shall then be referred to board or senior management level for discussion.

If any dispute has not been settled or a course of action for its settlement agreed within thirty (30) Working Days of it being referred to board or senior management level the parties may attempt to settle it by mediation in accordance with the Centre for Dispute Resolution (“CEDR”) Model Mediation Procedure. Unless otherwise agreed between the parties in writing, the mediator will be appointed by CEDR. To initiate the mediation a party must give written notice to the other party/parties to the dispute requesting mediation (the "Mediation Notice"). A copy of the Mediation Notice should also be sent to CEDR. Subject to any constraints imposed by CEDR the mediation will start not later than ten (10) days after the date of the Mediation Notice.

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 – The 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.

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