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Payment terms

Taken from Policy Manual Part D: Professional Practice.

Code of conduct requirements and additional considerations

The following clauses of the code of conduct either must, or should be, taken into account when setting payment terms and conditions:

Within the written agreement for the client ensure that:
  • payment terms and conditions are set out
 8c
Before a written agreement is accepted by the client ensure that:
  • fees, disbursements and payment terms and conditions are provided to the client in writing
8d
  • the client is made aware, in writing and in plain language, of the terms of the proposed written agreement and all significant matters relating to it
1.5a
On acceptance of the written agreement by the client ensure that:
  • the client confirms in writing that they accept the terms of the written agreement
 1.5d
In relation to the payment terms and conditions an adviser should also:
  • each time a fee is payable, provide the client with an invoice containing a full description of the services that the invoice relates to
 8e
  • obtain agreement in writing from the client, to any material increase in costs, as soon as the increase is known to the adviser
 3c
  • ensure that changes to the terms of agreements are recorded and agreed in writing
 1.5e

Interest on unpaid accounts

The written agreement must specifically provide for any situation where the adviser wishes to:

  • charge interest on overdue accounts, or
  • be able to add the costs of collection to overdue accounts.