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FETA says regulatory reform vital to address cash retention concerns
2018/01/13
12 January, 2018
Organisation adds voice to trade bodies backing new bill that will require cash retentions for building services projects to be held in an approved third-party deposit scheme
 
The Federation of Environmental Trade Associations (FETA) has welcomed the first reading in parliament of a new bill that would put a statutory obligation on any construction or building services group withholding cash retentions to use an approved deposit scheme.
 
Retentions reform has been a long-standing issue for FETA’s members due to the perceived negative financial impacts on industry, particularly for SMEs that are reliant on consistent cashflow. FETA said that regulatory change would be a vital step to move forward with addressing issues of late and lost payment of cash retentions.
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