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FPS launches Personal Service Umbrella

FPS launches Personal Service Umbrella

Comparator model & lsquo;right approach’ to comply with spirit of AWR

Honeycomb principle in place to protect all parties from AWR risks

FPS has launched a new Personal Service Umbrella (PSU) product using a unique & lsquo;honeycomb’ principle to fully comply with the Agency Workers Regulations (AWR) that are now in force.  The FPS PSU uses the comparator model, designed to comply fully with the AWR while protecting contractors, agencies and employers, through its unique honeycomb principle - where each worker’s affairs are kept completely separate.

The FPS PSU creates a company for each contractor. All of these individual companies are ring-fenced to provide agencies and contractors with insulation from the potential threat of possible liabilities created by other parties, complying fully with Managed Service Company legislation.

As a comparator solution to AWR, the FPS PSU allows contractors to benefit from the new regulations, while giving them the added protection that comes from being ring-fenced in their own company. Within this, contractors still benefit from being able to off-set any legitimate expenses against tax.

FPS also offers contractors a unique assurance that their money is safe as it is held in a regulated account. They are also insured with &pound10m Professional Indemnity and Employer’s Liability, and &pound5m Public Liability.

Simon Last-Sutton, Managing Director, FPS said: “We believe strongly that umbrella companies and recruiters should look to comply fully with the letter and spirit of the AWR legislation. It is only right that contractors be afforded the rights of permanent employees and as such, the comparator model is the right approach to take.

“The FPS solution to AWR, using the unique honeycomb principle, treats each contractor separately, unlike the traditional umbrella model. This controls all possible risks. We’re proud to offer more safety and security than any other provider, with unique insurance for agencies, government regulation and client money protection as standard.”

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