BIS uses APSCo Members meeting as way of direct consultation on late payment
BIS launched the consultation at the beginning of the year and while it has already published its initial response, which includes a reporting requirement for quoted, large companies and LLPs to report on their business contract payment practices and policies, Mr Ridgeway explained that he was very keen to hear from APSCo members directly as part of a further consultation.
Mr Ridgeway explained that as well as mandatory reporting, contravention of which will incur a criminal conviction and fine, the Government is also working with the Institute of Credit Management to strengthen the Prompt Payment Code and is planning legislation to tackle bans on assignment that prevent access to invoice financing.
In order to hear from APSCo members directly to form part of the consultation on the further detail, he then joined an expert panel including Alistair Dobson, Director of Hyphen Workforce Solutions, Jeff Longhurst, CEO of the Asset Based Finance Association (ABFA) Philip King, CEO of the Institute of Credit Management Richard Herring, MD and Senior Vice President at Volt and Tom Thackray, Senior Policy Adviser at the CBI. The panel discussion which took questions from a packed room of members looked at ideas for ensuring fair and transparent payment terms throughout the recruitment supply chain.
Commenting on the discussion, Mr Ridgeway said:
“This has been really helpful for me and has given me pointers as to what some of the metrics around reporting requirements should be. Also, hearing about issues around pay when paid clauses has been very interesting indeed.”
Samantha Hurley Head of External Relations and Compliance said:
“We are very pleased that BIS has taken the time to engage with our members directly on this very important issue – and that they recognise that the need to have a sector based approach. We were particularly pleased that BIS said that they would like companies to link to sector based codes such as the APSCode– a code of conduct for RPO and MSP members which addresses some payment culture issues – in particular pay when paid clauses and non-assignment of debt.”