Simply Asset Finance has been awarded the Fair Payment Code Gold Award, recognizing its commitment to best-in-class payment practices. This achievement highlights the company’s dedication to supporting SMEs by ensuring fair and timely payments, reinforcing its role in driving business growth.
The Fair Payment Code, introduced in December 2024 as a replacement for the Prompt Payment Code, sets new standards for ethical payment practices. Its goal is to address the widespread issue of late payments, which disproportionately affects small- and medium-sized businesses.
According to the Federation of Small Businesses (FSB), 52% of UK SMEs struggle with overdue payments and unfavorable contract terms, impacting approximately 2.8 million businesses. Research suggests that improving payment efficiency could unlock growth opportunities for as many as 5.5 million smaller businesses across the UK.
Administered by the Small Business Commissioner on behalf of the Department for Business and Trade (DBT), the Fair Payment Code (FPC) sets standards for payment practices and best practice. The FPC, which encourages businesses across the UK to pay fairly and quickly, awards businesses based on three thresholds. The Gold Award is awarded to those paying at least 95% of all invoices within 30 days, and around 100 businesses have been awarded a Gold, Silver or Bronze to date.
Mike Randall, CEO of Simply Asset Finance, comments: “The issue of poor payments is one of the biggest challenges facing small- and medium-sized businesses but also one of the most solvable, so it’s unfortunate that awards like the Fair Payment Code are needed to encourage this behaviour. We’ve witnessed firsthand how overdue payments contribute significantly to rising defaults, forcing many businesses to rely on personal finances and credit cards to survive. This creates undue pressure on business owners and has long-term implications for their success.
“Ensuring quick and fair payment is not just a best practice; it’s a fundamental necessity. It shows respect for customers and supports firms in making critical investments and growing sustainably. This commitment aligns with our core business values: empowering small businesses to thrive and, in turn, drive broader economic growth.
“We take our responsibility seriously and are incredibly proud to have achieved the Gold Award, not just for making the commitment but for living up to it every day. We thoroughly encourage our peers to sign up and support fairer payment practices for all. ”
Liz Barclay, UK Small Business Commissioner comments: “Congratulations to Simply on achieving a Gold Fair Payment Code Award. We accept that getting this award will have been challenging. This is not a Code to which you can simply sign up with good intentions. This is a Code that rewards you for doing what you say you are doing: paying your suppliers fairly with fair contractual payment terms, and quickly, with payments that are within agreed terms, in the case of Simply, all within 30 days. Thank you for all the hard work you have put into the process.”
