The Forum of Private Business (FPB) is calling on all smaller suppliers to anonymously “name and shame” late paying companies.
The “Late Payment Hall of Shame” will allow small suppliers to identify late payers while remaining anonymous. According to the FPB, many suppliers worry that speaking out individually would lead to unwelcome reprisals and could cost them business.
“Previous initiatives to address late payment have failed,” says Jane Bennett, the FPB’s head of campaigns. “We’re committed to helping small firms and the economy as a whole by building a momentum for change, and that means shedding light on the epidemic of late payment in the UK.”
Anonymously naming and shaming late payers will no doubt be seen as a controversial move by many, but the FPB maintains that it doesn’t have much choice.
“The problem is that, although we know this problem is rife, far too few business owners are willing to come forward, even though we ensure we will protect their identity. The message is that, by standing together as a collective, we can give small businesses a powerful voice they would not otherwise have.”
According to the payment body Bacs, more than £24bn in outstanding invoice payments is owed to small firms.
“We are urging all small suppliers who have suffered to come forward and provide us with evidence that they have been squeezed, and we can absolutely guarantee their anonymity,” Bennett adds.
What do you think of this policy? Is it right to anonymously name and shame late payers? Leave your comments below.
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