The Fair Payment Code has been launched by the Office of the Small Business Commissioner (SBC) on behalf of the Department for Business and Trade.
The new Fair Payment Code replaces the Prompt Payment Code and introduces a gold, silver, and bronze system to reward best payment practices and help smaller firms identify reliable and trusted partners. It aims to boost cash flow for small businesses which is crucial for their survival, by tackling late payments and lengthy payment terms that can lead to financial strain and failure.
Businesses can sign up on this website. Further details can be found here.
