FCSA Launches Revised Codes of Compliance (Video Transcript)

In June 2021, the FCSA announced the launch of revised Codes of Compliance (the “Codes”), outlining the most rigorous industry standards expected from member firms. This latest comprehensive review has made the Codes tougher and even more transparent, providing added assurance for agencies, end hirers, and contractors. Extending to over 540 areas of evidenced-based assessment that are undertaken by independent and regulated accountants and solicitors, the FCSA Codes continue to set the benchmark for best practice compliance and ethical standards in the industry. In this video, FCSA Chief Executive Phil Pluck explains the review process, the continued independence of the assessment process, and highlights the key changes.

Video Transcript

https://youtu.be/u1OMNNNVZU0 

Hello. I’m Phil Pluck, Chief Executive of the FCSA.

For more than twelve years, the FCSA has been calling on the Government for regulation of the sector.

When, or if, it is finally introduced, let’s hope that it’s as comprehensive and rigorous as the FCSA’s revised Codes of Compliance.

The FCSA was established by a group of payroll intermediary companies to champion supply chain compliance in the sector. For over a decade it has initiated, developed, and continuously improved a robust set of legal and financial standards to protect the sector.

Now, with over 60 accredited firms who have successfully passed our Codes, agencies and end hirers now have access to a wide choice of compliant, ethical, and transparent companies. As market conditions change, so too must our Codes.

This is to ensure the highest standards of compliance are continued to be met by our member firms.

Which is why now, we’re announcing the launch of our latest set of Code revisions. Extending to over 540 areas of assessment, the FCSA Codes are regarded as the most rigorous assessment of compliance and ethical standards in the industry.

Our latest comprehensive review of these Codes has made them tougher and even more transparent.

This process has taken no less than five months to complete. It began with a full independent review by five of the UK’s leading legal and financial firms who are regulated and have vast experience in our sector. Ernst and Young, BDO, Saffrey Champness, Brabners, and JMW are the firms that have contributed to this review.

They provided the independent expert challenge that give the Codes the rigour they need. HMRC, BEIS, and leading industry trade bodies were also consulted during the process.

So, what’s changed?

Our Codes now provide greater transparency on the financial illustrations that our member firms need to provide to contractors.

Member firms are required to provide greater transparency regarding holiday pay in every umbrella employment contract and payslip.

All member firms are now required to submit independently audited accounts.

What hasn’t changed however is the continued independence of the assessment process.

Every step of the assessment process is conducted by independent and regulated accountants and solicitors.

No member of FCSA staff, the Board, or membership are involved in this process. Ensuring complete independence.

What’s more, we publish our Codes so that any agency, end hirer, or contractor can see exactly what our members are assessed against.

The most comprehensive and compliant set of evidence-based standards now exist in our sector.

No one else in the sector can give contractors or the supply chain this level of assurance.

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