News

FRC issues fines over Interserve audits

Accounting firm Grant Thornton has been fined £718,250 by the Financial Reporting Council for its statutory audits of former construction outsourcer Interserve plc’s financial statements for 2015 to 2017.

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Director receives suspended sentence after forklift death

A managing director of a scaffolding company has been handed a suspended prison sentence and a fine after an employee died when he was struck by a forklift truck that had been poorly maintained.

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Covid contracts guidance updated

A refreshed suite of guidance on managing Covid-19 impacts within construction contracts has been published by the Construction Leadership Council, which continues to express concern over the prospect of expensive and lengthy disputes arising from the pandemic.

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Call to accelerate playbook reforms

Reforms set out in the government’s Construction Playbook to improve procurement practices and other aspects of project delivery must be accelerated, a report has urged.

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News in Brief: November 2021

Government is considering establishing a new dedicated unit with responsibility for sustainable procurement policy, it was revealed in a Net Zero Strategy which published in October.

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Chancellor’s cladding pledge welcomed but detail urged on net zero

Funding to remediate high risk residential buildings with unsafe cladding will be levied on developers, the Chancellor confirmed in this week’s Budget and Spending Review announcement. The move has been welcomed, but lawyers and industry groups criticised a lack of detail from the Budget on driving forward the net zero agenda.

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Probe launched into collapsed contractor NMCN’s auditor

Regulatory body the Financial Reporting Council has commenced an investigation into an audit of collapsed construction company NMCN’s financial statements for the year ended 31 December 2019. The contractor fell into administration earlier this month after a £24 million refinancing deal with investors failed to get over the line.

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Nuclear funding model promises greater risk sharing

Legislation for a new financing model to pay for nuclear power stations which allows developers to share construction risks with consumers will be laid by the government. The Regulated Asset Base model is expected to enable development of the planned Sizewell C power station.

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Prompt payment standard to be strengthened

A requirement placed on firms bidding for large government contracts to pay their supply chain on time will be strengthened next year under a Cabinet Office directive to further clamp down on poor payment practices.

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Firms delay projects in light of materials crisis

Over eight in 10 local building firms have reported having to delay projects due to a lack of available materials during the third quarter of the year.

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