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SANTANDER INSURANCE SERVICES UK LIMITED

Company number: 01492302

Reporting period:
1 January 2018 to 30 June 2018

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

This report was filed on 31 July 2018

and approved by Susan Bridge

Payment statistics

Average time taken to pay invoices: 21 days

Invoices paid:

• within 30 days: 86%
• in 31 to 60 days: 9%
• in 61 days or more: 6%

Invoices due but not paid within agreed terms: 14 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Santander UK Group have one payment policy and associated procedures. Standard UK Group payment terms are 30 days. There are no contracts for which there are longer payment terms and there have been no changes to this arrangement in the period. There are a small number of suppliers with Santander UK Group for which we have 14 days payment terms, these were agreed as part of specific contract negotiations.

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

If a supplier has a dispute regarding payment, there is an established escalation and investigation process in place. Should the supplier remain unhappy at the outcome of the initial escalation and investigation, they can refer the matter to an independent body. Information regarding this process is included in Santander UK Group’s standard contract terms.

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.

Yes

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