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Watch out for the contracting watchdog

Posted 23 May 14

A recommendation has been made by a former Confederation of British Industry (CBI) director to launch an industry watchdog for contractors which came with the help of Sir Richard Lambert and was led forward by the Banking Standards Review Council (BSCR).

The UK’s confidence in the British banks and its financial situation is essential in shining the light on mis-selling and certain actions carried out in recent years.

The sheer size of the financial industry in this country surrounding London’s continuing influence on an international capital market means that economic recovery may rely on the banks’ ability to best serve customers, especially entrepreneurial businesses.

Lambert said that, “Rebuilding confidence and trust in the banks is especially vital in the UK, because of the size of the banking system and the importance to the economy of London’s role as an international capital market.”

With the BSCR looking forward into the culture of banking, incorporating the monitoring of the comprehension of professional financial business and employees qualifications, and investigations in the coherence of carrying out appropriate codes of standard, good customer relationships will be key in taking practice standards forward.

CBI Deputy Director General, Katja Hall, added to Lambert’s comments, “With the UK economic recovery gathering momentum, it makes sense for the regulatory focus to concentrate on how banks can best serve their customers, especially entrepreneurial growing businesses, which need their support.’

‘Sir Richard’s recommendations for banks to commit to driving continuous improvement, with transparent public reporting, alongside new good practice standards, are a sensible way forward.”

Hall also followed on with mentions that the banks were positive about the approach to the proposals and that the combined changes that are underway will help to rebuild trust within the sector.

The BSCR, although it will be funded by the banking industry, will remain independent of the banks. This perhaps will allow them to monitor any misguided selling and market rigging that have caused scandals over the past few years in the country.

Do you know what it’s like to work as a contractor or are having difficulties with payments, either receiving or making, tax, accounting processes or would like to find out more about the watchdog that will be there to help you as a firm?