Tag : retentions reform
Parliament’s Business, Energy and Industrial Strategy (BEIS) Committee has urged the government to bring forward proposals to introduce mandatory project accounts with a mechanism to independently release cash retentions owed to contractors.
BESA has claimed that over 100 MPs have now expressed support for efforts to ring-fence cash retentions. The claims have been made as the organisation seeks to push regulatory reforms through parliament that would mandate the use of third party deposit schemes.
BESA has said a recent pledge from chancellor Phillip Hammond to support apprenticeships and tackle the issue of late payments is “timely” as it seeks to pass a new bill into law that reforms how cash retentions are managed.