The Payment Times Reporting Regulator monitors and enforces compliance with the Payment Times Reporting Scheme. Read about how the regulator monitors and enforces compliance.
The regulator regularly publishes information to assist reporting entities to understand their reporting obligations.
Reporting entities can make enquiries through established enquiry channels on the interpretation of policies and guidance, and education and advice will be provided to a reporting entity so they can meet their reporting requirements.
The responsibility for complying with the Payment Times Reporting Act 2020 (the Act) rests with the reporting entity.
What does the regulator monitor
The regulator monitors compliance with the Act – in particular reporting requirements and quality of reports.
Compliance powers and tools
The regulator takes an escalating approach to the use of compliance and enforcement tools. Where entities act in good faith and demonstrate a willingness to comply, the regulator will facilitate compliance and remediation.
Compliance or enforcement action may be taken where non-compliance is:
- repeated
- not remediated in a timely manner
- the result of indifference or carelessness by a reporting entity to its obligations
- intentional.
Whilst monitoring and investigation powers are available under the Act, most compliance activities will commence with a voluntary request for information. Providing information voluntarily may resolve concerns without the use of compulsory information gathering powers.
Where non-compliance is identified, the regulator may:
- issue a guidance letter
- publish details of non-compliance
- issue an infringement notice
- seek civil penalties through court proceedings.
Guidance for reporting entities
For information on compliance read:
For information on the regulatory powers, including an overview of the steps and processes followed when they are used, and penalties that can apply read: