The government wants to know whether The Reporting on Payment Practices and Performance Regulations 2017 have achieved their objectives or had any unintended consequences.
The regulations expire on 6th April 2024 and ministers have yet to decide whether they will be extended.
The consultation is part of a wider review of business practices that impact upon small businesses.
The Construction Leadership Council (CLC) has published a survey to gather an initial construction industry opinion on key questions.
Survey findings will be accompanied by a series of workshops later in the spring to agree industry’s response.
The survey can be found at www.surveymonkey.co.uk/r/CLCPaymentSurveyFebruary2023
Electrical Contractors Association chief executive Steve Bratt is chair of the CLC business models workstream. He said: “The regulations introducing the duty to report on payment performance have been welcome and have provided a focal point for monitoring and improving payment performance.
“However, it is important not to stand still on our progress and to seek opportunities to improve further. This consultation explores going further, notably by seeking to measure the monetary value of payments made as well as the volume, and the provision of detailed information about retentions held.
“Seeking further clarity on these two issues have been a major challenge for our industry and the consultation provides an ideal framework to have meaningful discussion.
“We are grateful to those in our industry who have taken the lead over the years to improve payment behaviours to date, and we hope that they will continue to work with us to deliver next level transformative change.”