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New Watchdog to Oversee Late Payment by Big Business

July 26 2015

The UK government has set out its plans for a Small Business Commissioner to tackle late payment and disputes with larger businesses. Announcing the proposals, Small Business Minister Anna Soubry revealed government estimates that small businesses are owed 26bn in late payments and spend millions more each year in chasing down overdue debts from customers.

The aim is that the Small Business Commissioner will:

  • be a point of first contact for small businesses and provide advice and support on how to avoid disputes with larger companies and on how to resolve them

  • offer access to mediation services to sort out issues quickly and affordably, at a fraction of the cost of going to court

  • investigate complaints over unfair business practices and regularly report findings

The Small Business Commissioner will also gather data on payment practices of larger businesses and use this to name and shame those with poor performance.

Sam white, CEO of My Credit Controllers said:

"The UK's late payment culture is a huge burden for small businesses, and we welcome this development. However, it's not just large businesses that take an excessive time to pay their suppliers."

"If you have trouble with a customer taking an age to pay you, whether they're large or small. Why not try a debt collection agency? You can submit a commercial debt of any size to our CreditXS debt collection service and let us take the strain for you. We can even add our fee to the debt to be collected from the non-payer."

The government is currently consulting on the proposals. You can have your say on the proposals here.

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