Minister and CICM confirm support of Prompt Payment Code and success in changing payment culture
New measures to support the Prompt Payment Code (PPC) and drive a culture of better payment practice have been confirmed in 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).
The letter highlights the significant success of the Code to date, and in particular highlighting the challenges against Code signatories that it says have been ‘hugely successful in achieving fast settlement of invoices, creating dialogue between parties, improving contract terms, and providing constructive assistance welcomed by suppliers and signatories alike’.
The correspondence also confirms the future appointment of a Small Business Commissioner to provide help and advice to business, including on achieving prompt payment, and the Statutory Duty to Report for large businesses to report on payment practices that comes into force from 6 April 2017. Further strengthening of the Code will follow the implementation of the Duty to Report measures.
For more information and to read the letter click here.