← Back to Reports

Financial Services Payment Practices Report 2024

•By PaymentCheck•Reports

UK Financial Services Payments Tower Above National Average, But Cracks Appear

The Numbers

  • Companies analysed: 527
  • Average PaymentCheck Score: 85.2/100
  • UK average: 50.0/100
  • Top 5 payers: All scored 100/100
  • Bottom 5 payers: Ranged from 18.35/100 to 26.8/100
  • Scotland average: 90.0/100 (22 companies)
  • Northern Ireland average: 89.5/100 (3 companies)

What Stands Out

The financial services sector significantly outperforms the UK average for payment practices, boasting an average PaymentCheck score of 85.2 compared to the national score of just 50. But the considerable disparity between the best and worst payers suggests that while some financial firms prioritise prompt payment, others are lagging far behind. Notably, Ernst & Young entities appear twice in the bottom five, raising questions about their payment culture.

Best Payers

  1. NORTHERN TRUST INVESTOR SERVICES LIMITED - 100/100
  2. FIL PENSIONS MANAGEMENT - 100/100
  3. VOLVO CAR FINANCIAL SERVICES UK LIMITED - 100/100
  4. FINANCIAL ADMINISTRATION SERVICES LIMITED - 100/100
  5. ICBC STANDARD BANK PLC - 100/100

Worst Payers

  1. ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED - 18.35/100
  2. SHOP DIRECT FINANCE COMPANY LIMITED - 20.1/100
  3. ERNST & YOUNG (EMEIA) SERVICES LIMITED - 21.05/100
  4. ARDONAGH SPECIALTY LIMITED - 21.9/100
  5. FNZ (UK) LTD - 26.8/100

Regional Patterns

Payment performance isn't consistent across the UK, with Scotland leading the way at 90.0 based on 22 companies and Northern Ireland close behind at 89.5, though based on a far smaller sample of just 3 companies. The South East, while hosting the most companies in the analysis (73), scored an average of 86.0, suggesting that a larger sample size doesn't automatically guarantee better payment practices. If you're struggling with late payments, use this late payment calculator to get a handle on the impact.

While financial services firms, on average, settle invoices much quicker than other industries, some firms—particularly Ernst & Young (ASIA-PACIFIC) SERVICES LIMITED—are still keeping suppliers waiting much longer than they should, with a PaymentCheck score of just 18.35 out of 100.