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Five firms blacklisted for late payments

Five companies that regularly hire freelance IT contractors have been included on a blacklist exposing firms that are regularly late in paying freelancers for their work.

The five companies in question are Prudential, BAE Systems, Centrica, BT and Fujitsu Services – and they are among a total of 18 that have made the blacklist due to their routine flouting of the Prompt Payment Code (PPC).
The PPC was introduced on behalf of contractors by the CICM (Chartered Institute of Credit Management) and those firms that sign up for it are expected to pay out 95 percent of freelancer invoices inside a period of 60 days.

Now the firms on this list have been removed from the PPC or suspended for not meeting this standard. The list is regularly updated, with the one published earlier this year showing that Atos and Vodafone were among the worst IT sector firms for late payments. However, Philip King from the CICM told Contractor UK that Atos had now had its PPC status restored and he went on to add:

“We are encouraged that of the 18 who have been suspended or removed, all but one has already submitted action plans to achieve future compliance.”

Freelance IT workers have to hope that the latest list jolts the firms included into taking steps to sort out their payment processes, but it is easy to see why some seek advice from accountants in the Wirral or wherever they are based, with so many companies failing to pay on time.

Posted by Peter
August 5, 2019
Small Business

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