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Carry On Construction - Government Confirms Building Can Continue
Construction work can continue provided workers are not showing coronavirus symptoms and the work can be done to Public Health guidelines the government...
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Crisis Support For GGF Members - As Deposit Indemnity Fund Closes
As the spread of coronavirus continues the government remains committed to construction continuing if workers can operate within the Public Health Guidelines.
To help Members cope, the GGF has set up several Business Continuity Support communications channels.
The support has three strands:
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To collate the most relevant information from all key sources and communicate it to Members during the crisis.
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To communicate Members and the industry’s issues to the respective government departments and by doing so lobby for greater support for the glass and glazing industry.
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To adjust the GGF’s resources and services so they provide more focused support for Members during the COVID-19 crisis.
Every day the GGF external affairs and marketing department is monitoring the information and updates received from government departments, related construction trade bodies and the political media. The most relevant information for the industry is then selected and cascaded to GGF Members often on a daily basis.
The GGF conveys this key information via:
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Regular Business Continuity Support emails to Members.
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Uploading direct links to government support measures and guidance on the GGF website.
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Uploading articles with the latest news and information in the GGF website news section.
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Creation of a new GGF Business Continuity Support section on the Members’ only section of the GGF website to house all updates.
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Upload of key government documents such the Site Operating Procedures on the GGF website publications section.
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Providing information and digital toolkits from the GGF’s business support partners such as Citation - the HR, employment law and business support consultants.
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Sharing information on social media via twitter @GGF_News and LinkedIn https://www.linkedin.com/company/glass-and-glazing-federation
GGF Fund Ltd Closes To New Business
The Board of the GGF Fund Ltd has taken the decision to not accept any deposit payments into the GGF Deposit Indemnity Fund from 1st April 2020 because of the uncertain and unprecedented market conditions caused by the COVID-19 crisis.
John Agnew, GGF Fund Chairman says: “This immediate action was necessary to protect the GGF Deposit Indemnity Fund. The timing of this decision means that the GGF Deposit Indemnity Fund current insurance cover expired on 31st March 2020. With the extent and length of the Covid-19 lockdown in the UK unknown, re-insurers could not take on the existing risk levels in the current market conditions. Although insurance is now in place from 1st April 2020, the terms of the cover are still not sufficient to cover several large or multiple small liquidations."
The implications of this decision now mean that GGF Deposit Indemnity Fund Members will need to take their own actions to ensure that they comply with the requirements of their chosen Competent Person Scheme in England & Wales.
Examples of compliance may be:
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That companies wish to encourage consumers from whom you take a deposit from to pay some or all of the deposit by credit card (as long as the total contract value is above £100 and below £30,000). The GGF Fund Ltd, advises that all companies who take deposits seek their own specific legal advice on this compliance.
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That customers buying products via credit finance agreements should have their deposits protected under Section 75A of the Consumer Credit Act as long as the total contract value is under £60,260. Again the GGF Fund Ltd, advises that companies seek their own specific legal advice on this.
The GGF Fund Ltd will still provide cover for deposits taken by GGF Fund Members up to 31st March 2020 as long as any premiums for deposits taken up to that date are paid to the GGF Fund Ltd, by the 30th April 2020.
Rules
Under the GGF Deposit Indemnity Fund Rules, the consumers’ deposit monies will not be covered, until a GGF Fund Member pays the premiums on deposits taken up until the 31st March 2020. Deposit protection is a legal requirement of the Competent Person Schemes in England & Wales.
John Agnew added, “Fully paid up GGF Deposit Indemnity Fund Members, will be entitled to any re-distribution of funds if there is a surplus after paying out all valid consumer claims and other costs associated with the administration of the GGF Deposit Indemnity Fund. We have contacted all GGF Fund Members asking for a detailed breakdown of all deposits taken between 1st January 2020 and 31st March 2020. In the longer term and when the trading landscape returns to normal, the GGF will continue its commitment to Members by looking for a competitive insurance based deposit indemnity product to help them protect their customers’ deposits.”
Picture: The GGF has various information streams to help members during the coronavirus crisis.
Article written by Cathryn Ellis
16th April 2020