The Construction (Retention Deposit Schemes) Bill, introduced in January as a private members’ bill by Peter Aldous MP, was originally scheduled to have a second reading on 27th April. This was then pushed back to 15th June but has now been rescheduled for Friday 26th October 2018.
The bill stipulates that, unless the monies are protected, any clause in a construction contract enabling the deduction of cash retentions will be invalid. Cash retentions will have to be safeguarded within a retention deposit scheme. The bill will apply to the whole of the UK.
The full text can be seen at: https://publications.parliament.uk/pa/bills/cbill/2017-2019/0148/18148.pdf
Waveney MP Peter Aldous has cross-party support for his bill and widespread backing from construction industry lobbyists but only a minority of private members’ bills manage to make it through both Houses of Parliament and onto the statute book.