Consultation on Prompt Payment

Baskar Sundaram
Baskar Sundaram

Consultation on amendments to the Payment Practices and Performance Regulations 2017:

‘BEIS is seeking views on proposals to amend and improve the Payment Practices and Performance Regulations, and whether they should extend beyond their current expiry date of 6 April 2024.

The consultation sets out proposals on:

  • amending the expiry date to extend the Regulations beyond 6 April 2024
  • including an additional value reporting metric
  • referencing payment reporting in a company’s director’s report
  • a clarification of how supply chain finance is reported
  • including a new metric on disputed invoices
  • retention payments in the construction sector’

Read the consultation document on GOV.UK

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