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TP ICAP GROUP SERVICES LIMITED

Company number: 01105245

Reporting period:
1 July 2023 to 31 December 2023

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

This report was filed on 29 January 2024

and approved by Paul Redman

Payment statistics

Average time taken to pay invoices: 31 days

Invoices paid:

• within 30 days: 77%
• in 31 to 60 days: 12%
• in 61 days or more: 11%

Invoices due but not paid within agreed terms: 4 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

30 Days

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

Purchasing - Disputes are managed by the Contract Owner (Business) and the Procurement Owner (Category Manager) to review agreed terms and update finance / supplier accordingly.
Accounts Payable (AP) have a dedicated mail box for dealing with all AP related queries and are contactable by phone or email. Vendors are requested to email a dedicated mailbox with invoice queries. If the team are not able to resolve the query this is escalated to the AP Manager. In addition, the AP team reach out to the business contact if it's not clear why the invoices have not been approved. All invoices in query are processed at header level on the supplier account with comments/hold reasons. Once the invoices are paid, AP will contact the vendor to provide remittance advice.

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