Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many companies which have failed to comply with regulations under (a) the Reporting on Payment Practices and Performance Regulations 2017 and (b) the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 have been challenged in the last three years.
The Payment Practices Reporting duty creates transparency in payment behaviour. To date, over 55,000 reports on payment practices have been submitted by over 9,000 large businesses.
As with all regulations, it is mandatory for businesses to establish if they need to report, and they must comply if they are required to do so. We regularly communicate informally with businesses identified as potentially meeting the requirements to report under the regulations.
The last time formal enforcement procedures were used was in 2019. Eighteen companies were issued formal procedures by BEIS for non-compliance with the requirements in the regulations.