GOV.UK
THE FINANCIAL CONDUCT AUTHORITY
Company number: 01920623
Reporting period:
1 April 2021
to 30 September 2021
This report was filed on 18 May 2022
and approved by Nikhil Rathi
Payment statistics
Average time taken to pay invoices: 12 days
Invoices paid:
- within 30 days: 81%
- in 31 to 60 days: 12%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 19 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The temporary reduction in payment terms following the Cabinet Office’s issuance of the Procurement Policy Notice in March 2020 have since been relaxed and therefore, the FCA is returning to standard payment terms.
Standard payment terms for goods and services are 30 days from invoice date.
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.
Should the dispute require further escalation, a request should be raised to the Accounts Payable manager whose details are available on request.
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