Monday 27th January, 2020
Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM) has been appointed interim Small Business Commissioner (SBC).
Mr King will take responsibility for transferring the administration of the Prompt Payment Code in his new role at the Office of the Small Business Commissioner. This will fulfil the commitment made by government in June last year to bring late payments measures under one umbrella.
Mr King was Chief Executive of the Chartered Institute of Credit Management (CICM), which is responsible for administering the voluntary Prompt Payment Code. Signatories to the Code sign up to pay 95% of invoices in 60 days, with an ambition to move toward 30-day payment terms.
Small Business Minister Kelly Tolhurst said, “In Philip, small businesses will have a real champion with a proven track record of tackling late payments. This is an important time for the Office of the Small Business Commissioner as we seek to strengthen its powers and Philip is absolutely the right person to lead it at this time.”
Philip King said: “I am delighted to have been appointed interim Commissioner and given the privilege of directly supporting the government in helping small businesses to prosper and grow."
He added, “Recognising the needs of businesses both large and small is an essential part of resolving potential conflict. I would encourage small businesses to engage with the Commissioner’s office at the earliest opportunity.”
The government will shortly recruit for a permanent Small Business Commissioner and has committed to strengthening the powers of the Small Business Commissioner to hold to account the minority of larger businesses who fail to make payments on time.