Under the Payment Times Reporting Act 2020 (the Act) the Regulator can publish a notice on the Register when they are reasonably satisfied a reporting entity has failed to comply with its obligations. A ‘Failure to comply’ notice may remain on the Register even after the non-compliance is remediated. Once published on the Register, information about non-compliance may also be used in other activities and publications of the Regulator.
It has been three years since the commencement of the Act and reporting entities are expected to have implemented and embedded the processes to ensure they meet reporting obligations in a timely manner. The Regulator may publish a ‘Failure to comply’ notice for entities that do not meet their obligations.
The next edition of the Regulator’s Update is in January 2024.