27 April 2009 | Martha McKenzie- Minifie
The group operating the government's Prompt Payment Code wants to boost the number of member organisations five-fold by the end of the year.
Philip King, director-general for the Institute of Credit Management, told SM that only 170 organisations had applied to join the code since it was launched by Business Secretary Lord Mandelson and the Department for Business, Enterprise and Regulatory Reform (BERR) in December. Of those, only about 70 organisations had been through the approval process.
King said the numbers should be higher and intended to launch an "awareness campaign" to get more than 1,000 firms signed up by the end of the year.
The Forum for Private Business had encouraged companies to join but was itself still awaiting approval when SM went to press.
A spokesman said the code was important but hindered by administrative delays. He hoped a meeting set for mid-May by BERR would stimulate interest