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High hopes as Retentions Bill is presented to parliament
2018/01/10
9 January, 2018
 Specialist contractors back MP Peter Aldous as Ten Minute Rule Bill proposes construction cash retentions are held as protected deposits
 
The Construction (Retention Deposit Schemes) Bill, which amends the 1996 Construction Act, is being brought by Peter Aldous, the MP for Waveney, and has cross-party support from 11 sponsors for the Ten Minute Rule Bill.
 
The Bill proposes to bring the holding of retentions in line with the lettings industry that uses independent, third party schemes to hold rental deposits.
 
The Bill does not seek to abolish retentions, but to address the fact that this money is not protected from upstream insolvencies.30
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