What's Happening?
The Building Safety Regulator (BSR) has come under scrutiny following the financial collapse of Assent Building Compliance. A source had warned the BSR in June about Assent's financial instability, but the regulator reportedly did not act on the information.
Assent's closure has led to the appointment of the Official Receiver to manage the winding down of the company. This development affects thousands of local building control applications and several high-risk building projects, which now require new inspectors.
Why It's Important?
The failure of Assent Building Compliance highlights significant oversight issues within the BSR, raising concerns about the regulator's ability to ensure the financial viability of registered building control approvers. This situation could lead to disruptions in the construction industry, affecting project timelines and increasing costs. The incident underscores the need for robust regulatory frameworks to prevent similar occurrences, which could have broader implications for public safety and industry standards.
What's Next?
The BSR is working to address the immediate impact of Assent's closure by securing resources to minimize delays in ongoing projects. The regulator has asked registered building inspectors involved in affected projects to contact them directly. Moving forward, the BSR may face increased scrutiny and pressure to enhance its oversight mechanisms to prevent future financial collapses of registered entities.
