GOV.UK
FITCH RATINGS LTD
Company number: 01316230
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 27 July 2022
and approved by Karen Skinner
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 15%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 33 %
Payment terms
Standard payment period for qualifying contracts
0 days
Standard payment terms
We do not operate standard payment terms. The majority of supplier terms are 30 days, whilst some supplier terms are agreed by individual negotiation. The shortest standard payment period is 0 days, and the longest standard payment period is 30 days.
Suppliers are usually paid via a weekly BACS payment run. If invoices are received after the weekly payment run date, it could lead to late payment for those invoices whose payment terms are less than 7 days. If we have a query or concern about an invoice, we immediately contact the supplier but this could lead to longer payment days in some cases.
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
Payment disputes can be referred to accounts payable team in the first instance. If it is not resolved on a timely basis, it can then be escalated to relevant purchasing managers.
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