Top Service News
New Fair Payment Code, replacing the Prompt Payment Code has gone live today.
Published on
Top Service CEO, Emma Reilly FCICM says:
“The new fair payment code introduced by the small business commissioner is a welcome initiative for the UK construction industry, potentially addressing the persistent issue of late payments to suppliers. However, its effectiveness may be limited without statutory backing.
In the construction sector, where large contractors often dictate payment terms, a legally binding requirement could significantly improve payment practices. The success of this initiative will largely depend on:
💡 Widespread awareness of the initiative.
💡 Integration into risk assessments by businesses who are able and
government departments when evaluating tenders
While the code is a step in the right direction, making it a legal obligation could truly transform payment culture in the UK construction industry, benefiting smaller subcontractors and suppliers who frequently bear the brunt of late payments.”
Emma continued “It has been my pleasure this morning to register Top Service’s interest in applying for the Gold Award”.
You can read more about the New Fair Payment Code here: https://www.smallbusinesscommissioner.gov.uk/new-fair-payment-code/