Genesis Response to the BEIS consultation – Creating a Responsible Payment Culture

Genesis responded to the BEIS late payment consultation Creating a Responsible Business Culture. The response was initiated through the Genesis Senate at its September 2018 meeting and then finalised by a delegated working party, you can download it Responsible Payment Culture – the Genesis initiative response here. Genesis emphasised the following central points in its response:

• BEIS should focus on introducing e-invoicing technology and make it the Code of Practice standard, to move towards most payment being virtually instantaneous.
• There should be a clear definition of unfair payment terms, using the Irish Republic’s approach and adopting 30-day payment term as the legal norm, on a comply or explain basis.
• The SME Commissioner should be empowered, and the current advisory approach to individual cases should become an enforcement-based one, where the Commissioner could work in partnership with business associations through simple employment tribunal-like structures to secure rapid adjudication.