The Regulator of Social Housing has concluded that Shepherds Bush Housing Association is non-compliant with the governance element of the economic standards and downgraded it to G3 status.
Following an in-depth assessment and reactive engagement, RSH has found that Shepherds Bush has been “unable to provide assurance that its governance arrangements had been effective.”
“Weaknesses in its risk management, internal control frameworks and business plan reporting meant it failed to identify the potential crystallisation of financial risks in sufficient time,” the Regulator goes on to say.
RSH also identified concerns about fire safety reporting and compliance with the Decent Homes Standard at Shepherds Bush and found that data quality is an ongoing issue for this housing association.
There have also been a “number of incidences” where Shepherds Bush’s communication and provision of information to RSH fell below the required standard.
In response to the regulator’s investigation and in agreement with RSH, Shepherds Bush has accelerated several actions to improve its governance and put in place a Governance Assurance Plan that includes an overarching governance review, improvements to the financial governance and controls and several data reviews.
Shepherds Bush Housing Association remains compliant with the financial viability element of the economic standards and retains its V2 status.
Harold Brown, RSH’s Senior Assistant Director, Investigations and Enforcement, said: “Shepherds Bush Housing Association’s failed to manage its affairs appropriately in relation to risk management, fire safety and the decency of its tenants’ homes.
“We remind all social housing landlords that they have a responsibility to notify us promptly about potential breaches of our standards. We will continue to monitor Shepherds Bush Housing Association as it improves its governance.”
Author: Mark