Creditor Codes

Background

The intention of creditor codes is to provide registration staff with a means to avoid typing in lengthy designations and to provide consistency. The same picklist is available within the C section (securities section) of the title workdesk and is also available on the application workdesk. The creditor codes are also used to provide accurate reports for external customers. It is therefore essential that where common creditors are concerned the correct code is inserted within a title.

When inserting (or amending) a security in the securities section of the LRS, the user can select from a drop down list known as the Creditor Code Picklist. This picklist contains all main creditors the user is likely to encounter when settling an application for a standard security The list is liable to change as new creditors are created or existing creditors are merged/taken over/re-structured in the normal run of business.

Legal Settle Requirements

If a Legal settler identifies a code that has been incorrectly input to the application workdesk then it is their responsibility to amend this to the correct position, thereby ensuring the same creditor code is in both the application workdesk and the securities section of the title sheet.

The majority of creditor codes have been adjusted to make them conform to the requirements of the 2012 Act. In effect this means that codes should now contain the Act under which the company was formed and also the registered company number. To meet the requirements of section 113(1), a non natural person's designation must include:

the legal system under which they were incorporated or established
any company number allocated to the person under section 1066 of the Companies Act 2006 (c.46) and
any other identifier (whether a number or not) peculiar to that person.

If registration staff encounter an existing creditor code which does not contain the above details, and the creditor does not fall within the meaning of Other Special Parties, they should request a new creditor code via RoSNow. .

Details of existing creditors should not be input manually, unless the deed differs in any of the points noted below. If in doubt which creditor code to select, refer to your legal referral point.

If a new creditor code or a change of details is required, the instructions for contacting Business ICT with requests for changes to the picklist should be considered:

New Creditor not on Picklist	Creditor not on picklist	Please advise what title/application the security has been archived under on BOPS/CMS with a request for addition to the picklist to the contact details noted below

Major change to Creditor	This would be where the creditor name has changed (viz: Abbey National PLC becomes Abbey National Mortgages PLC) or the security contains a different address from that used in the picklist entry.	Please advise what title/application the security has been archived under on BOPS/CMS with a request for addition to the picklist to the contact details noted below.

Minor change to Creditor	This would be where the description (or more usually) the address contains more information than the picklist entry (viz: Picklist: 24 Smith Street, Oban Deed: Principal Office at 24 Smith Street, Oban PA33 1AA).	Please advise what title/application the security has been archived under on BOPS/CMS with a request for amendment to the picklist to the contact details noted below.

To request a new creditor code or an amendment to an existing code, the on line request form should be completed. This is available via RoSNow.

The current list of all Creditor Codes can be accessed via the O Drive at the following location: Production > Registration_Practice_Team > Public > LRS Codes. Column C in the spreadsheet indicates whether the code is active (shown by a “1”) or inactive (shown by a “0”). Inactive codes remain on the system for legacy purposes and are not available for selection on the current pick list.

Additional Information

Whilst a new creditor code is being processed, there may be occasions (to meet turnaround times) where a Legal settler has to proceed by using the "un-coded" creditor function within the C Section. In these instances, settlers should e-mail Quality team with the details so that the title can be reverted once the code is available. Periodically, the Data Amendment team of the Quality Unit receive a spreadsheet from IT identifying titles which contain un-coded entries. Any un-coded entries which should have a code are identified and a list sent to IT to convert to coded entries at database level.

It should also be noted that older creditor codes which concern superseded banks/building societies are retained for use within a title however are "hidden" from view from the current LRS picklist. If settlers encounter a situation where they are unable to exit the C section where a hidden code has been used (i.e. the box on LRS turns yellow) they should enter the creditor as an un-coded entry to proceed. However they should e-mail Quality team who will arrange, if appropriate, for the original code to be restored at database level.

For enquiries, additions, or further information regarding creditor codes, please email the Data Improvement Team mailbox.