Close iconClose icon DarkLight mode

Find us quickly

130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk    T +44 (0)20 7556 1200

Google map screengrab
Ambient _wave_ Buzzacott _top_20_accountancy _firm _for _charities _corporates _individuals
Last updated: 19 Jun 2023
On this page

Property Week's Building Safety Act Q&A with Phil Westerman

Phil Westerman was recently interviewed by Property Week about the financial accounting implications of the Building Safety Act, and the challenges of accurately projecting the costs of fire-safety remediation work to high-rise residential buildings.

Counting the cladding costs

The legislation requires, among a range of changes, that building owners and landlords cover the costs of rectifying defects, something that collectively is likely to run into many billions of pounds. Assessing the costs involved, which party is liable to cover them and how to represent them in a company’s financial accounts poses a significant challenge for the firms affected. However, directors have a legal duty to represent the financial risks of the remediation accurately in their accounts.

Watch the interview with Property Week contributing editor Andy Hillier to find out what steps you should be taking now.


Read the full write-up of the interview

Published in Property Week here.

The discussion covers

  • Key grey areas remaining from the Building Safety Act
  • If firms need to put the money aside or whether it can be recorded as a financial risk
  • How the cladding scandal has affected the stance of insurers 
  • How firms arrive at the right value for potential building repairs
  • A message for developers on the best approach to take to this legislation

'The big cost is not necessarily replacing the cladding; it is everything else that may need to be done.'

About the author

Phil Westerman

+44 (0)20 7556 1299

'The big cost is not necessarily replacing the cladding; it is everything else that may need to be done.'

Get in touch
Want to receive similar insights straight to your inbox?

If you would like to receive the latest insights, events and guidance about the real estate sector directly to your inbox, sign up to our mailing list below.

Close iconClose icon backback
Your search for "..."
did not yield any results.
... results for "..."
Search Tags