The Scottish government will carry out the public consultation in spring next year.
The move follows long-term campaigning by Select and the Specialist Engineering Contractors’ (SEC) Group, both of which have proposed placing all retentions into a trust-based deposit scheme. The consultation has also been welcomed by the SEC Group Scotland (link opens in new tab).
Select acting managing director Alan Wilson said: “We wholeheartedly support action on this troubling issue and look forward to positive developments in the upcoming Holyrood consultation.”
Select's 1250 member companies account for around 90% of all electrical installation work carried out in Scotland. They have a collective turnover of around £1bn on and provide employment for 15,000 people.