okoHaus is honoured to have been granted the prestigious Gold award as part of the Fair Payment Code accreditation, recognising our exemplary payment practices and ethics. The Fair Payment Code (FPC) is the UK Small Business Commissioner’s initiative to highlight and celebrate businesses with immaculate payment timing and processes.
The FPC was launched by the Small Business Commissioner (SBC) on behalf of the Department for Business and Trade (DBT) in December 2024 to regulate and set high standards and benchmarks for payment practices across all UK businesses.
The code aims to boost transparency and collaboration between UK businesses and their suppliers and eliminate the issue of late payments that may sour relationships between companies and their suppliers/customers. The Code was launched following the discovery of several late-paying companies in 2023, and businesses that apply are assessed according to their payment history and ethical practices.
The FPC awards businesses the Bronze, Silver, and Gold awards based on three criteria:
Bronze: Awarded for paying at least 95% of all invoices within 60 days.
Silver: Awarded for paying at least 95% of all invoices within 60 days, including at least 95% of invoices to small businesses within 30 days.
Gold: Awarded for paying at least 95% of all invoices within 30 days.
Since okoHaus has managed to demonstrate our orderly and timely payments of 95% of our invoices within 30 days during the SBC’s evaluation process, we are more than humbled to have been awarded the gold ranking. This places okoHaus in an elite group of businesses that showcase ideal financial practices.
At okoHaus, we are committed to always representing an ethical and sustainable business model and ecosystem, and the Gold FPC award helps us exemplify this philosophy to our suppliers and our customers.
We have always believed in fostering trusting relationships with our local suppliers and we understand the importance of timely payments for the longevity of our business and for the industry as a whole, which is why we recognise this award as an achievement for all UK small businesses.
okoHaus’ Gold FPC accreditation also helps us set a benchmark and make a positive impact within the industry. We are committed to maintaining these standards throughout our two-year Gold rating until the next SBC evaluation.
As such, we invite all small businesses within our industry and beyond to adopt the Fair Payment Code standards to thrive and join okoHaus and other businesses in the elite ranking to help spread these principles across the UK. Once again, thank you to the SBC for the incredible recognition and we hope to continue upholding these values in the years to come.
Comments