Prompt Payment Code to help SMEs by Philip King, ICM on 21-Apr-2011

M ore than 1000 businesses have now signed the Institute of Credit Management (ICM) led pledge for big businesses to live up to their word to pay on time by becoming signatories to the BIS-backed Prompt Payment Code (PPC).

Major sponsors of the code include Barclays, RBS, HSBC, Santander and NatWest, all playing a part in a campaign designed to help increase the speed of payments to smaller companies.

"This is yet further proof that some of the biggest names in UK and world business are keen to be involved in a scheme that will help smaller suppliers stay afloat during these toughest of times," says Philip King, Chief Executive of the ICM. "With the Government’s backing this campaign is gaining real momentum and the list of high profile firms already involved, and others showing an interest is testament to that."

The Code is hosted by the ICM on a dedicated website and includes a facility for suppliers to raise concerns about late payers. The Code focuses on three main areas: a commitment to pay suppliers on time; to give clear guidance to suppliers; and to encourage good practice.

The code can be found here::
www.promptpaymentcode.org.uk

Details about the ICM:
www.creditmanagement.org.uk/bisguides.htm

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