FTS vs. OJEU: What does financial tracking mean for your business?
- Posted by cu_admin
- On 5 April 2022
- 0 Comments
The impact of FTS will help you meet the necessary criteria within your organisation
Between COVID-19 chaos, international conflicts, climate crises and government scandals, it’s hard to believe that it’s only been just over a year since Brexit was made official. What was once the headline of every paper now seems like more of a footnote in recent history to many. But businesses and individuals alike are still getting used to the fallout of the UK’s exit from the European Union, and one of the many changes to be implemented was the replacement of the Official Journal of the European Union with the Find a Tender Service.
It’s important to understand both of these processes in order to get to grips with what is expected of your business in a post-Brexit society. There are certain guidelines that many businesses will need to meet in order to continue operations. Let’s take a look at how FTS works when compared to OJEU, and how your business can improve its energy management.
The OJEU process
The Official Journal of the European Union, or OJEU, is the official online publication of all public sector contracts over a certain value. If a public authority contract has a value above the OJEU threshold, the European Commission Procurement Regulations ask for an OJEU compliant route to market, in order to create a fair opportunity for suppliers to access tenders published by private and public sector organisations for services, works, goods and utilities. This gives them the chance to bid for them.
Until January 2021, this was applicable to the UK. The thresholds set were £4,733,252 for Central Government, £4,733,252 for other contracting authorities and £884,720 for small Lots.
Find a Tender Service (FTS)
At the end of 2020, the UK government launched a new system to replace OJEU: the Find a Tender Service (FTS). As such, UK contracting authorities no longer need to publish procurement notices in the OJEU, with FTS being used as the default public sector procurement process instead.
However, there have been no changes in the procurement laws themselves, and processes continue to be based on the EU directives incorporated into UK legislation by the Public Contracts Regulations 2015.
This means that the thresholds set by the OJEU still apply to UK businesses. It’s vital that businesses adhere to these guidelines. Any contracts valued in excess of specified amounts must be publicly exposed to competition. This includes energy contracts, meaning it’s important that you are aware of your business energy usage, and understand the terms of any contracts you have in place.
Consultiv Utilities can help you ensure you are meeting FTS requirements
Adhering to FTS requirements can seem like a mammoth task to undertake, especially on top of your usual duties. But Consultiv Utilities are on hand to ensure that your organisation takes the necessary steps.
We are here to help you make sense of your energy usage and report the necessary data to the proper council. We can also help you manage your energy, seeking out the most competitive deals for your needs. We’ll assist you in prioritising your sustainability goals, promoting a greener future for your organisation while also saving money that can then be placed elsewhere.
Thanks to our years of expertise, we are confident that we can cut your business energy costs and keep your business in line with current guidelines. We will work with you every step of the way to ensure that your utilities are both manageable and transparent.