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.
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.
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