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HSBC GROUP MANAGEMENT SERVICES LIMITED

Company number: 09231974

Reporting period:
1 July 2022 to 31 December 2022

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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 January 2023

and approved by Simon Parsons

Payment statistics

Average time taken to pay invoices: 19 days

Invoices paid:

• within 30 days: 96%
• in 31 to 60 days: 3%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 3 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Standard terms are 30 days

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

42 days

Precedents used in a very small proportion of supplier agreements entered into during the qualifying period contained HSBC’s old payment terms of 42 days. These have now been updated.

Any other information about payment terms

N/A

Dispute resolution process

Suppliers are asked to place their issue in writing to their HSBC main contact point. Business contact and Accounts Payable work with the supplier to resolve payment issue/dispute in accordance with internal investigation and escalation procedures.

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 – 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