The new Fair Payment Code (FPC) has been launched by the Office of the Small Business Commissioner (OSBC) to encourage businesses across the UK to pay promptly.
The new code introduces Gold, Silver and Bronze tiered Award categories underpinned by fair payment principles of being Clear, Fair and Collaborative with their suppliers.
- Gold – For companies paying 95% of their suppliers within 30 days.
- Silver – For companies paying 95% of their small business suppliers within 30 days and all other suppliers within 60 days.
- Bronze – For companies paying 95% of suppliers within 60 days.
The tiered system of Awards is aimed at awarding best practice and driving improvements in payment performance.
The new Code replaces the Prompt Payment Code which has been operational since 2008.
For further information please select the following link: Small Business Commissioner