Late payment
The Forum of Private Business is perhaps best known by politicians for its long running and successful campaign on late payment.

Securing prompt payment of sums owed to your business is central in achieving a healthy cash flow. Late payment of commercial debts used to top our members' list of concerns, which is why the FPB campaigned long and hard to reform payment practice. A key element of reform was the introduction of legislation which granted businesses the statutory right to claim interest on late payment of debt. Since its introduction in 1998, similar legislation has been adopted across the EU. We were also instrumental in establishing the Better Payment Practice Group.
 
Most recently, we have shown our support for the Government's Prompt Payment Code. We are calling on all FTSE 100 companies to set an example by showing their commitment to paying their suppliers on time by signing up to the Code. Click here to download a document on prompt payment from BERR, the Institute of Credit Management and the FPB.
 
We also name and shame late paying companies in our 'Hall of Shame'.
 
 

Credit Control Guide

 
You can find out more about how to reduce late payment problems with our Credit Control Guide online. If you are a member of the FPB, you can access the Guide here. (Please note: you must be logged in to view the Guide). Non-members can read a free extract on managing debt from the Guide.


Related articles