GOV.UK
BMO FUND MANAGEMENT LIMITED
Company number: 02170242
Reporting period:
1 May 2018
to 31 October 2018
This report was filed on 26 November 2018
and approved by David Sloper
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 91%
- in 31 to 60 days: 9%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 63 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The company aims to settle correctly stated, undisputed supplier invoices in accordance with the credit terms specified in respective underlying, legally executed contracts; contract payment terms typically range from invoices being payable upon receipt to 30 days from receipt of invoice. Where there are no explicitly stated contractual payment terms, the company’s policy is to settle correctly stated, undisputed invoices within 30 days of receipt of such invoices.
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
The company has a number of suppliers with contractual payment terms which stipulate that invoices are payable upon receipt / presentation. The company records such terms as ‘zero days’ in its systems, and while it aims to settle such invoices as quickly as possible, they will inevitably be reported as not being paid within agreed terms in the calculation of payment performance statistics.
Dispute resolution process
To the extent a supplier’s contract includes terms on dispute resolution, the company seeks to follow the agreed process set out in those terms. In the absence of such terms, and as a matter of principle even where there is a contractually agreed process, the company aims to resolve disputes with suppliers fairly and on a timely basis. Typically, disputes are resolved through discussion by the relevant business manager, with respect to the contract concerned, with the third party supplier contact, facilitated, as necessary, by the company’s dedicated accounts payable team. Where a dispute remains unresolved after some time, the matter will be escalated to senior management, and senior personnel from Finance and/or Legal will become involved, where appropriate, to attempt to expedite a resolution.
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