The Prompt Payment Code (PPC) is administered by the Chartered Institute of Credit Management (CICM) on behalf of the Department for business, Energy and Industrial Strategy (BEIS) with the goal of achieving fast settlement of invoices and is designed to support suppliers and their clients alike.
Signatories undertake to pay suppliers on time, give suppliers clear guidance on payment procedures and encourage good practice.
A letter to PPC signatories from Margot James, Minister for Small Business and Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM) confirms that new steps have been put in place to help assist the Prompt Payment Code and drive a culture of better standards.
In future, a Small Business Commissioner shall provide help and advice to businesses with the aim to achieving prompt payment. Furthermore, the Small Business Commissioner is tasked with ensuring that the Statutory Duty to Report on payment practices is met by large corporations. The Statutory Duty to Report will come into force on 6 April 2017.
visit: www.promptpaymentcode.org.uk to find out more
For advice how to encourage customers to pay promptly contact firstname.lastname@example.org