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How we operate

Phoenix Group operates an outsourced business model and our supply chain is critical in supporting the delivery of our strategic objectives. Becoming a leading responsible business means that we are also committed to building a sustainable supply chain. This is why partnerships based on responsible business practices and sourcing are a priority, as they help to strengthen our supply chain and the businesses within it, while mitigating risk and building trust among our customers and stakeholders.

Our supply chain impacts all aspects of our Environmental, Social and Governance agenda. Working in a sustainable and ethical manner with our suppliers supports each of our sustainability commitments.

We are committed to ensuring we operate responsibly and encourage good practice amongst all the external businesses we engage with. We have responsibilities to many different stakeholders – our customers, clients and our colleagues and those who we impact through our investments, supply chains and business partners. We take all of these responsibilities very seriously.

Our ESG Supply Chain Standards reinforce our commitment of embedding sustainable best practice and achieve our purpose of helping people secure a life of possibilities. We are looking to all our partners and suppliers to implement requirements and targets which reflect our own standards as a minimum and we expect all key suppliers to have fully met best practice standards outlined in this document by no later than June 2025.

Phoenix Group voluntarily signed the Government’s Prompt Payment Code in 2012 and in 2019 a statement was published on the Group website pursuant to Section 54, Part 6 of the  Modern Slavery and Human Trafficking Act 2015.

Our Supplier Code of Conduct sets out the standards and principles we require our suppliers to follow, and that we expect them to demand from their own supply chains.

Prompt payment code

The Phoenix Group signed up to the UK Government's Prompt Payment Code in December 2012. This means that we commit to:

Pay suppliers on time

  • Within the terms agreed at the outset of the contract.
  • Without attempting to change payment terms retrospectively.
  • Without changing practice on length of payment for smaller companies on unreasonable grounds.

Give clear guidance to suppliers

  • Provide suppliers with clear and easily accessible guidance on payment procedures.
  • Ensure there is a system for dealing with complaints and disputes which is communicated to suppliers.
  • Advise suppliers promptly if there is any reason why an invoice will not be paid to the agreed terms.

Encourage good practice

  • Request that lead suppliers encourage adoption of the code throughout their own supply chains.

Important information regarding supplier services, invoices and invoice payments

It is always our intention to pay suppliers on time, and we will endeavour to meet our undertakings under the Code. If you have any problems please contact