Press releaseMonday 26 July 2010
Freelancer & Contractor Services Association - giant completes review process
- Founding Members Pass Code of Conduct Review and Garner Industry Support -
The Freelancer & Contractor Services Association (FCSA) today announces a new wave of industry advocacy as the founder members complete the Code of Conduct review process, designed to confirm their advanced business compliance. FCSA now boasts the unprecedented support of leading trade bodies – REC and APSCO – whose combined voices represent the freelancer and contracting industry at large.
The Code was launched in September last year and in the ensuing months, FCSA members Brookson, Parasol and Giant have undergone the industry’s most rigorous review in a process established with advice from HMRC.
The FCSA’s Code was designed to be the most robust and comprehensive in existence, conducted independently by one of the ‘big four’ accountancy practices. It includes:
- a challenging desktop questionnaire with supporting documentation
- on-site audit to randomly test the answers on the questionnaire
- audit covering areas such as the directors, the company finances, pre-employment checks, employment contracts and processes, expense processing...areas not covered by other audits
- HMRC receiving all audit documentation including the Top 4 audit reports once completed
The FCSA is grateful to HMRC for the advice given in developing the Code of Conduct.
In response to FCSA members undergoing this rigorous review process, Kevin Green, Chief Executive of the REC says:
"We are delighted to see that three providers have now gone thorough the FCSA's rigorous code assessment process. This process has two important factors: one is independent review which ensures objectivity and the other is HMRC involvement. While we can not endorse any providers we are pleased that the FCSA are bringing standards and professional conduct into a part of our industry sector."
Ann Swain, Chief Executive of APSCo:
"APSCo has long had confidence in the services provided by FCSA members and has been pleased to support the Association’s endeavours since its inception. I am particularly pleased to note the code’s unique clarification of FCSA members’ financial standing and their positive net worth. The FCSA code goes beyond anything else that is available in the market and will be the clear leader in setting compliance standards going forward."
Stuart Davis, Chairman of the FCSA, comments:
"The FCSA members are incredibly proud to have passed this most stringent of review processes. If the Code of Conduct says what we do then the fact members have all passed proves we do what we say! Our relationships with both HMRC and the leading accountancy firm mean that this is a uniquely independent confirmation of compliance. That our endeavours have garnered the support of industry sector trade bodies - REC and APSCO - is also a huge step forward for FCSA and a first for the industry at large."
Formed in 2008, the FCSA represents companies who provide employment, payroll, tax, accountancy, administrative support and advice to the professional freelance workforce. The founding members will now be looking for other like minded companies to join the FCSA in order to prove that the sector has an appetite for the highest levels of self-regulation.
About FCSA:
- The Association was established in 2008, in response to a stream of proposed regulation which revealed a lack of understanding from Government as to how the flexible labour market operates.
- That year, FCSA (then SPA) successfully engaged in the HM Treasury consultation process on the issue of subsistence and travel expenses tax relief for freelance workers employed by umbrella companies.
- Association members offer professional services to tens of thousands of contractors across a range of sectors including IT, healthcare, oil and gas, energy and finance.
About the members:
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