MAREX FINANCIAL
Company number: 05613061
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
26 January 2022
Approved by:
N Grace
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 8%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Marex Financial ('MF') deals on third party suppliers’ terms rather than its own and therefore does not have standard payment terms, nor does it require that particular sets of payment terms are included in third party supplier contracts depending on the supplier’s size. MF does however generally engage with third party suppliers on the following terms: (a) a payment period of 30 days of receipt of the relevant invoice; (b) payment of interest at the rate specified by the supplier in the relevant supplier agreement; and (c) submission to settlement discussions/the English courts (as provided for under the relevant supplier agreement) to determine any dispute if such cannot be resolved amicably between MF's Accounts Payables and Legal departments and the relevant supplier.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
The maximum payment period MF has agreed to is the same as the standard period based on the information in the Ledger and confirmation from Legal / Accounts Payable, i.e. 30 days.
Any other information about payment terms
N/A
Dispute resolution process
MF deals on third party suppliers’ terms rather than its own. Invoices must be made out to the correct company name and address and sent via email to the Accounts Payables department; any invoice queries are then directed to the relevant person within the business. Disputes are resolved per the process set out in the relevant supplier agreement involving MF’s Accounts Payables and Legal departments and the relevant supplier. Any dispute would be governed by the governing law/jurisdiction clause in the relevant supplier agreement which is generally English law/English courts.
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, 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