Tag : Construction (Retention Deposit Schemes) Bill
BESA and the ECA hope to step up pressure on the government to overhaul cash retentions by calling for the introduction of mandatory third-party deposit schemes in a joint response to a recent consultation.
MP Peter Aldous has presented the first reading of the Construction (Retention Deposit Schemes) Bill in parliament today that seeks to amend existing regulation to put a statutory obligation on any group withholding cash retentions to use an approved deposit scheme.
Urgent action to ensure better payment security within the construction and building services sector is required to tackle fears over thousands of industry insolvencies over the last year.
A second reading in parliament of a bill that would mandate the use of accredited third-party deposit schemes to hold cash retentions has been postponed until June 15 after originally being scheduled for this week.