The BBPA was required to produce the code, which it claims is legally binding, before the end of the year as part of the agreement with the Government to self-regulate the pubco/tenant relationship.
The new IFC sets out the minimum standards and requirement tenants should expect from their pubco.
In the new document there is a section on the legal status of the IFC, which details that the provisions of the new code must be incorporated into new agreements and that company codes of practice must include an “open and unlimited offer to apply the provisions of the IFC to all their existing leaseholders and tenants.”
The document also revealed that an annual statement of compliance for large companies with over 500 FRI leases will be submitted to BIIBAS. This will detail information such as how many new lease negotiations have been entered into, the percentage where a waiver was used and the number who completed this, the number of rent reviews, the percentage completed within an agreed time frame and the number referred to Pubs Independent Rent Review Scheme.
The IFC also confirmed that companies must re-accredit their company codes every three years and that companies will co-operate with BIIBAS in their performance spot checks.