UK Coupon Clearing Agency Code of Practice


UK Coupon Clearing Agency Code of Practice

The UK’s coupon clearing or settlement industry involves several agencies performing financial coupon settlement services on behalf of retailer and coupon issuers. It is an unregulated industry and it involves significant sums of money being transferred between parties. In 2014, 688 million coupons were redeemed with an estimated valued of £2bn.1

The purpose of this document is to ensure reliable and trustworthy services are delivered by coupon clearing agents (“Agents”) to parties involved in the issuance and redemption of coupons. The services of these Agents include the processing, reconciliation, validation, reporting and payment of redeemed coupons.

For industry coupon settlement to occur in a reliable and trusted manner the various Agents need to co-operate, to adhere to common operating standards and to abide by a code of practice. This code of practice is designed to facilitate that necessary cooperation without compromising competition between the Agents.

This document complements the IPM Coupon Guidelines, available from


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