13: Philip King - Former Small Business Commissioner

In a career spanning over 40 years, Philip King has held senior credit management roles across a wide array of sectors. More recently, he held the role of interim Small Business Commissioner between 2020-2021 and, prior to that, was Chief Executive of the Chartered Institute of Credit Management (CICM) for 14 years. Philip is also the architect of the Prompt Payment Code, which the CICM administered on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). 

The BEIS recently published its statutory review of the Reporting on Payment Practices and Performance Regulations 2017. Late payment remains a significant problem for small businesses across the UK. Fast payment allows businesses sufficient cash flow to invest in training and skills, equipment, innovation, and job creation.

Large UK companies and LLPs are required to report on their payment practices, policies, and performance every six months. The Regulations aim to increase transparency and public scrutiny of large businesses’ payment practices and to give small businesses better information so that they can make informed decisions about who to trade with, negotiate fairer terms, and challenge late payments.

Philip joins the podcast to discuss the review and share his thoughts as to whether the objectives have been achieved.