Reporting · question
Who needs to approve a Payment Times Report?
Quick answer
A Payment Times Report must be approved in writing by an authorised responsible member before it is submitted.
What does this mean?
The Regulator requires the report to identify the responsible member who approved it. Depending on the type of entity, this may be an individual member of the entity's principal governing body, a sole trustee, an administrator or another prescribed responsible member. A person holding power of attorney for an eligible responsible member may also approve the report.
Practical point
The approval itself does not need to be attached to the submitted report, but it must exist in writing before submission and may be reviewed by the Regulator during compliance activity.
Other ways people ask this
- Does a director have to approve the Payment Times Report?
- Can an employee approve a PTRS report?
- Does PTRS approval need to be in writing?
- Do I need to upload the signed approval with the report?
Official sources
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Payment Times Reporting Guidance Materials
Contextual Information and Approvals – Report approvalParagraphs: 210, 211, 212 · Example: 45 · Page: 49-50
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Worked Example – Standard Payment Times Report
Standard Payment Times ReportReference: Approver fields
Related guidance
Preparing a Payment Times Report?
Monochrome Compliance can help with the data preparation, validation, reconciliation and reporting process.