Financial Services Payment Practices Report 2020
UK Financial Services Firms Significantly Outperform National Average on Payment Practices
The Numbers
- Companies analysed: 443
- Average PaymentCheck Score: 82.0/100
- UK average: 50.0/100 (Financial Services is 32.0 points above)
- Top 5 Payers: All scored 100/100
- Bottom 5 Payers: Range from 10.1/100 to 30.77/100
- South East Average: 86.7/100 (57 companies)
- London Average: 82.6/100 (275 companies)
What Stands Out
The financial services sector in the UK appears to prioritize timely payments, based on these scores. The average PaymentCheck score of 82.0 is substantially higher than the UK average, indicating a commitment to efficient payment processes within the industry. The gap between the top and bottom payers suggests significant variation in payment practices.
Best Payers
- ARCH SYNDICATE INVESTMENTS LTD - 100/100
- ROYAL LONDON MANAGEMENT SERVICES LIMITED - 100/100
- SANDERSON ASSET MANAGEMENT LLP - 100/100
- TRANSRE LONDON LIMITED - 100/100
- UBS ASSET MANAGEMENT (UK) LTD - 100/100
Worst Payers
- ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED - 10.1/100
- ERNST & YOUNG (EMEIA) SERVICES LIMITED - 20.6/100
- FNZ (UK) LTD - 23/100
- TAKEPAYMENTS LIMITED - 28.65/100
- TRINITYBRIDGE LIMITED - 30.77/100
Regional Patterns
While London houses the majority of the analyzed firms (275), the South East boasts the highest average PaymentCheck score at 86.7, suggesting potentially better payment cultures or operational efficiencies among the 57 companies based there. However, the East of England has a very high average (85.5), but is only based on 4 companies, so conclusions from this figure are limited. It may be wise for firms in London to analyze the payment approaches of companies in the South East and other high-performing regions.
If you're dealing with late payments, use this late payment calculator to work out how much you are owed.
Despite a strong overall average, the wide range between best and worst payers, from 100/100 to 10.1/100, suggests that some financial services firms need to urgently improve their payment practices.
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