APHC has announced it is backing our Time for Change campaign and has encouraged everybody in the industry to support the drive to improve retention payments.
APHC chief executive John Thompson urged individuals from contractors to all members of the supply chain to sign our e-petition.
“This is an important issue, and the petition is an excellent way to back the call to change retention funds,” said Mr Thompson.
Our Time for Change campaign aims to improve long-established issues for the benefit of companies throughout the building services and construction sectors.
TJ Duncan-Moir and John Hamnett, directors at A1 Flue Systems, are also asking other small businesses that act as subcontractors in the construction industry to sign the e-petition and have written to a contact at their local Chamber of Commerce.
Mrs Duncan-Moir – who has worked on projects such as The Shard in London – said clawing back retentions can often be the difference between companies staying in business or going bust: “Establishing a legal framework whereby all retention monies are held in a ring-fenced trust fund would ensure these funds are protected and guaranteed to be paid to recipients at the appropriate time.”
Mr Hamnett added that the introduction of the e-petition is the first step in attempting to level the playing field in the construction industry: “We have very good working relationships with many of the UK’s largest construction companies, but getting retention monies paid has always been problematic for our business and for many others we have spoken to.
“The launch of the e-petition is a great way to highlight the problem and to seek support for the reform. We encourage every business in the construction industry to sign it and force the government into action. Because if trusts work properly, this means money will flow through the industry much better.”
If the e-petition collects 100,000 signatures, the issue is eligible for debated in the House of Commons.
We urge everyone to inform their colleagues, industry contacts and local MPs of the e-petition.
Our campaign will initially focus on retention funds within contracts, and the main intention is to drive a debate in parliament asking for retention funds to be held in trust funds in the future.
Retentions account for billions of pounds within the construction sector and many businesses report considerable financial difficulties when these payments are lost or delayed.
It is thought that placing retentions in trust funds would provide security as well as improving the image of the industry. It would also bring the UK in line with other countries such as France, Germany, America and Australia.