48
JULY 2015 PRO INSTALLER
PRO BUSINESS
www.proinstaller.co.uk
Global coalition to unify
construction industry standards
Credit for selfemployed tradesmen
Over 30 professional bodies from around the world,
including the Royal Institution of Chartered Surveyors
(RICS), met last month at the
International Monetary Fund
(IMF) in Washington D.C.
to launch a major initiative
which seeks to create international standards in construction measurement.
Following the success of
the “Employer backed Loan’’
product which was launched
in December 2014, SubMe
Limited, a responsible credit
facility provider, has announced the launch of its
brand new product “Self-Employed Loans (SEL)” on the
1st July.
The International Construction
Measurement Standards (ICMS)
Coalition was established by
non-profit organisations representing professionals in more than
140 countries. Collectively, the
group aims to create overarching
international standards that will
harmonise cost, classification and
measurement definitions in order
to enhance comparability, consistency and benchmarking of capital
projects within the construction
industry.
In an industry projected to be
worth a staggering $15 trillion by
2025 according to Global Construction Perspectives, inconsistency in something as fundamental as
construction measurement and reporting can create huge uncertainty, misunderstanding, and risk.
The ICMS Coalition will continue
to grow as further professional
organisations come forward to
join the effort to align high-level principles. Before the end of
this month, the coalition will
be formally launched. Industry
corporations, contractors, and
RICS Senior Vice President, Amanda Clack, signs the ICMS
Coalition declaration alongside representatives of other
Coalition organisations at the IMF in Washington D.C.
key government stakeholders will
also be encouraged to contribute
to, and lead adoption of, the new
international framework in their
capital markets.
The work to draft and consult on
ICMS will be led by an independent committee of construction experts, due to be appointed by the
coalition in the coming weeks.
The Washington meeting represented a landmark moment for
construction, project management,
cost engineering and quantity
surveying sectors as a whole. This
is the first time these professions
have come together in this way to
develop unifying standards which
reflect and enhance an increasingly international construction
market.
The coalition has stated its ambition to make tangible progress
immediately and to deliver an internationally agreed and adopted
standard in the near future.
Amanda Clack, RICS Senior Vice
President, said: “The fact that so
many international organisations
came together in Washington DC
shows there is a strong desire
to develop a single standard for
construction measurement. It was
evident there was a real willingness to work together collaboratively for the benefit of the
public and our clients. Whilst not
everyone was able to attend the
meeting in person, the support
from the construction industry around the globe has been
incredible and I can only see the
coalition becoming even stronger
as more organisations are able
to sign up in coming weeks and
beyond. This is about making a
difference and I believe is something we will all look back on as
a momentous moment in creating
a better industry for the future:
standards work and construction
needs them.”
ROTO PRESENTS
SubMe is a Limited Company
and part of the dynamic OBK
Group, established in 2009, comprises of four well established,
complimentary and specialist
companies, SubMe Limited, OBK
Tax LLP, Sprite Technical Services
UK LLP and Boss Projects LLP.
As the name suggests, SubMe’s
new product is available exclusively to the self-employed market
and has been designed to provide
easy access to short-term credit
for self-employed individuals.
Greg Kitchen, Chief Executive
of the Surrey based Lender said:
“A lot of self-employed people
may find themselves in a situation
where they need help with their
finances to deal with unexpected expenses, but find they are
ignored by traditional lenders.”
“As a responsible, compliant
and ethical lender (authorised
and regulated by the Financial
Conduct Authority), we provide
credit in accordance with strict
underwriting criteria and based
upon the Individual’s current year
to date earnings and affordability.”
SubMe is launching “self-employed loans” with specialist
sub-contractors and fellow OBK
Group members - Boss Projects
LLP and Sprite Technical Services
UK LLP.
‘’We work with a lot of self-employed individuals within the
construction industry and working with an entity such as SubMe
will allow us to enhance our offering to contractors and clients.
In case of an emergency or an
unexpected bill, operatives can
avoid falling into the trap of pay
day loans” said Lorraine Crinson, Managing Director of Sprite
Technical Services UK LLP.
Greg added: “I worked in the
construction trade for over 20
years so know how hard it was
to get credit being self-employed.
We always found it very difficult
to get credit, solely because of
the risk of not being in work, or
having three years of consistent
accounts, that were favourable to
main stream lenders.”
‘’With utilising our group
accountancy services we are
now able to offer tradesmen
an all year round credit facility
that they can call on whenever
needed.”
SubMe Limited is authorised
and regulated by the Financial
Conduct Authority (FCA Licence
No. 654597). To find out more
visit www.sub-me.com
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