Company number: 03943048
and approved by Kathryn Sherratt
Average time taken to pay invoices: 16 days
Invoices paid:
Invoices due but not paid within agreed terms: 17%
30 days
Answer not provided
Our standard payment period is 30 days from receipt of invoice for all contracts, unless a shorter period is specifically agreed. Our standard contract conditions can be found in the following location: https://www.fscs.org.uk/industry/supplying-the-fscs/
Answer not provided
N/A
30 days
No further comment provided
FSCS did not change our standard terms during the reporting period. During the period FSCS began to enforce our existing policy, that all invoices should include a valid FSCS purchase order number in order to be paid. This policy was not always enforced in prior periods. Suppliers were notified of this in writing.
Complaints from suppliers are raised with the FSCS employee who ordered the goods/services, or with the Finance team. Colleagues will seek to understand the issue as soon as practical in order to ascertain if the complaint arises from within the business (eg preventing the invoice being approved) or from within Finance (eg preventing an approved invoice being paid) and the relevant colleague will then respond directly to the supplier. Although we are not aware of this having been necessary, suppliers can choose to escalate to the Chief Executive or a member of the Board of Directors.
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No