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The Regulator of Social Housing has today published a new Value for Money Standard and a supporting Code of Practice. This will apply to all private registered providers of social housing and will come into effect on Sunday 1 April 2018.
The new Standard follows a consultation which saw over 170 completed responses from within the sector.
From Sunday 1 April 2018 private registered providers will no longer need to produce a VfM self-assessment and should meet the reporting requirements of the new Standard. Providers will also be able to also set performance targets themselves to reflect social outcomes, appropriate to their objectives.
The Standard requires providers to publish performance evidence in their annual accounts against their own metrics and those defined by the regulator, and report how that performance compares to peers.
Simon Dow, Interim Chair of the Regulation Committee, said in a statement. "The new approach will assist with scrutiny and consistency over the information reported, enable a greater focus on outcomes, and help continue to drive improvements in value for money in the sector. As is already our practice, we will seek assurance through In Depth Assessments that registered providers are putting the Standard in practice."
Read the full regulator press release here.
The full consultation outcome and accompanying documents can be downloaded here, and the updated Value for Money Metrics technical note can be downloaded here. These documents can also be downloaded from the Housing Quality Network website here.