New Fair Payment Code Goes Live

A new Fair Payment Code (FPC) has been launched by the Small Business Commissioner in place of the previous Prompt Payment Code to ‘award best practice and drive improvements in payment performance’.

By signing up to the FPC, companies agree to be ‘clear, fair and collaborative’ with their suppliers and will be awarded Gold, Silver or Bronze status for a period of two years depending on the time taken to pay invoices:

• Gold: 95% of invoices paid within 30 days
• Silver: 95% of invoices to small businesses paid within 30 days and 95% of invoices to all other suppliers paid within 60 days
• Bronze: 95% of invoices paid within 60 days.

To apply to the FPC complete the expression of interest form and you will then receive an application form with guidance to support it.