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Regulator's update – January 2024 [DOCX 1.50 MB] Regulator's update – January 2024 [PDF 873 kB]
Summary
The Payment Times Reporting Act 2020 has been in operation for over 3 years, with more than 11,000 reporting entities registered under the scheme and almost 50,000 payment times reports as at 31 December 2023.
About the Regulator’s update
The Payment Times Reporting Regulator releases a Regulator’s update every 6 months, with information about the Payment Times Reporting Scheme and the Regulator’s current and planned activities.
Explanation of change in referencing reports by date range
In this update, there was a shift in referencing to use date ranges (for example, January 2023 to June 2023), rather than the former practice of using reporting cycles (for example, reporting cycle 5).
This change was thought to provide more clarity to the period the data related to and the Regulator accepts this could have been signalled more clearly in the publication.
Reports are assigned to a reporting cycle or date range, based on the reporting period start date. For example, a report with a reporting period start date of 15 March 2022 will be categorised as reporting cycle 3 for the purpose of payment times reporting.
- Reporting cycle 1: 1/01/2021 – 30/06/2021
- Reporting cycle 2: 1/07/2021 – 31/12/2021
- Reporting cycle 3: 1/01/2022 – 30/06/2022
- Reporting cycle 4: 1/07/2022 – 31/12/2022
- Reporting cycle 5: 1/01/2023 – 30/06/2023