New draft guidance materials for the Payment Times Reporting Scheme are now available for public consultation.
Why new guidance?
The Payment Times Reporting Regulator identified a need for updated guidance material after a review of enquiries and payment times reports.
In response, we have prepared 3 draft guidance notes to assist reporting entities to meet their obligations and understand the Regulator’s expectations:
- Guidance note 1: Key concepts
- Guidance note 2: Preparing a payment times report
- Guidance note 3: Applications and notifications
The draft guidance notes clarify existing obligations with more detailed information compared to the current guidance on our website.
Consultation on the draft guidance notes is open until COB Friday 2 September 2022. We encourage you to engage in the consultation process to ensure the new guidance meets your needs.
Find out how to access the draft guidance and provide feedback on the Treasury website consultation page.
Using the new guidance
While the consultation is open, reporting entities may choose to use the draft guidance to prepare reports or applications. As consultation is during a reporting window for many entities, this is a good opportunity to test the guidance notes during report preparation and provide feedback.
Alternatively, reporting entities can continue to use the existing guidance on our website until guidance is finalised.
The choice of guidance used by reporting entities prior to guidance note finalisation will not affect their compliance with reporting obligations.
We plan to publish finalised guidance notes after the consultation in October 2022 in our Regulatory resources section of the website. Information sheets are already available in this section with brief guidance on specific processes and functions.