We have used a traffic light system to sort the week’s regulatory developments in order of importance: Important updates, Developments to watch and For your information, so you don’t have to.
BIS Minister announces regulation on prompt payment
BIS Business and Better Regulation Minister Matthew Hancock has announced that large businesses will be required to publish detailed information on their payment practices and performance twice a year from April 2016. Information required will include payment terms and % of invoices paid on time, those paid late including interest owing and paid. There will also be a requirement to publish details if payment has been required to become or remain a supplier. The stated intention is to make prompt payment a ‘boardroom reputational issue’.