Amendments to the Payment Practices and Performance Regulations 2017
We're 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.
We recently published a statutory review of the Regulations, which concluded that while the Regulations have brought greater transparency to the payment practices and performance of large businesses, the policy remains relevant and there is an ongoing need to ensure greater compliance in terms of prompt payment and to increase awareness of the performance of large businesses in this area.
This consultation asks whether the Regulations should be extended beyond their current expiry date of 6 April 2024. It also provides an opportunity to consult on other potential amendments and improvements to the Regulations resulting from the views expressed by those who responded to the recent statutory review.
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 BEIS consultation privacy notice.