This already existed across many public parking bays but up until now, private firms could run their own spaces as they saw fit.
As part of the new policy, guidelines will force private forms to display clear signage to help motorists navigate the rules at all times.
A cap on the maximum parking fines has been maintained with a £100 charge limit or £60 if a bill is paid within 14 days.
Finally, the new Code will “ensure the protection of the most vulnerable in society” with no planned decrease in Blue Badge abuse deterrents.
Andrew Pester, BPA Chief Executive said: “We are delighted to release a single sector Code across our private parking sector.
“This is a key milestone as we work closely with Government, consumer bodies and others to deliver fairer and more consistent parking standards for motorists. We will continue to push for a positive outcome for all.”
The new Code of Practice will be introduced from October 1, 2024 meaning new rules will affect road users within just a few months.
All existing private car parking sites have to be updated to meet the new guidelines by no later than December 2026.
Will Hurley, IPC Chief Executive Officer explained the move would help “elevate standards” for road users,
He explained: “This new Code will create positive change across the UK, enhancing the protection of the most vulnerable in society, whilst creating consistency and clarity for motorists and continuing to elevate standards across the sector.”