As an alternative to keeping money in bonds or a cash account, FillSecure offers a more lucrative way to meet the financial provision obligations of the Environmental Permitting Regulations.

In response to the Environmental Permitting (EP) Regulations, introduced in April, a new financial product has been launched. Insurance brokers, Tysers, and financial advisers, Kynaston-Carnoustie, have come together to create FillSecure. It is an Environment Agency-approved solution to meeting EP financial obligations.

Unlike the alternatives (escrow, cash account or bank/insurance bonds), FillSecure does not require a lump sum payment up front. Instead, it can be funded over a period of time by a levy on materials entering an active site. Rather than being inaccessible, the funds are professionally managed and regularly reviewed by stakeholders, limiting operators’ management costs. FillSecure is an innovative, long-term solution that can be 50%+ more cost effective than alternative options.

Craig Sillars, Special Projects and Development Director at Churngold Remediation Ltd, comments: “Some sites applicable to EP regulations can include landfill with aftercare costs that last up to 60 years. After the closure of the landfill, when the site is unlikely to be generating much income, high costs may be incurred. These costs are not generally provided for by the traditional financial options. FillSecure makes good financial sense, ensuring you don’t get caught out by unforeseen expenses.”

So impressed were the regulators about the product they have already asked to look at how it could be used for provision for future decommissioning of other sites/structures such as wind farms and the like.