The Regulator of Social Housing has issued several upgrades and downgrades in its latest regulatory judgements.

One upgrade was for Ongo Homes, who now have a G1/V1 rating.

It comes after the organisation was downgraded to a G3 organisation just a few years ago. But the Regulator believes it has “further strengthened its governance arrangements.”

It adds: “It has simplified its governance structure and changes to the group’s legal structure are being implemented, which will result in a registered group parent. This is intended to ensure the group structure better aligns with an updated strategy, that places greater emphasis on Ongo Homes’ core purpose.

“Ongo Homes’ board is focused on delivery of its strategic objectives and improved risk and internal controls arrangements have addressed weaknesses, to enhance the board’s oversight of key risks.”

Bob Walder, Chair of Ongo Group Common Board, said: “I’m really pleased with the recognition from the regulator that our governance has been assessed at the highest standard.

“We will now continue to focus on our core objectives to be a great landlord and support our tenants in particular with the cost of living crisis.”

Another organisation that has been praised and upgraded by the Regulator is Magenta Living, which also now has a G1/V1 rating. Previous issues around “weaknesses in its reporting on loan covenant compliance and on the performance of subsidiaries” have been resolved.

The judgement adds: “Board skills now align more closely with the activities that Magenta undertakes and this has facilitated improved scrutiny and challenge of performance. Board oversight of landlord compliance has been strengthened and Magenta has improved the quality of reporting, stress testing and mitigation planning.”

Chair of Magenta’s Board, Ged Lucas, stated: “It is great news that the Regulator has recognised the Board’s improved approach to scrutiny and challenge of performance as well as strengthening our oversight of compliance. We are thrilled that the hard work of the Board and colleagues has resulted in this judgement.”

Interim Chief Executive, Keith Wrate, said: “We are really pleased the Regulator is assured that we have improved the quality of reporting, stress testing and mitigation planning.

“When combined with our recent refinancing to help build 1,000 new homes and tackle our climate change ambitions, this judgement will put my successor in an excellent position to take Magenta forward towards an exciting and successful future once they are appointed.”

However, there were some providers and local authorities that were downgraded.

The Royal Borough of Greenwich has breached the Home Standard and that, as a consequence, there was potential for serious detriment to tenants.

In its investigation, conducted after a self referral from the council, the Regulator found that there were more than 400 outstanding fire risk assessments, and there were hundreds of high-risk remedial actions from the assessments which were also outstanding.

On top of this, the Council reported that more than 1,000 communal and in excess of 10,000 domestic properties do not have a current electrical condition report, the council did not have valid communal asbestos surveys for hundreds of blocks and there were just over 300 overdue high risk remedial actions which had not been complete since July 2019.

Finally, on water safety, the local authority was found not to have current risk assessments for more than 80 residential communal blocks.

Kate Dodsworth, Director of Consumer Regulation at RSH, said: “We welcome the Royal Borough of Greenwich’s self-referral which recognises that the failure to meet health and safety requirements has put tenants at potential risk. We will be monitoring the council closely as they take action to put things right.”

Industrial Dwelling Society were downgraded on governance and viability – now sitting with a G2/V2 rating.

The Regulator said the organisation “needs to improve some aspects of its governance arrangements to support continued compliance”.

After making a referral about damp and mould in some homes, the judgement says the board did not go far enough.

“We ascertained that concerns about repairs and the condition of homes first began to surface several years ago. IDS carried out some remedial action but did not fully address the problems.

“With over half of owned stock being built between 1895 and 1934 and including properties within conservation areas, IDS had identified the age and nature of its stock as a key risk to maintaining stock condition.

“However, the board did not ensure that it had sufficient assurance on stock condition and that adequate provision for asset investment had been made in its business plan. IDS had been aware since April 2021 that this risk was crystallising, but the board did not take action in a timely way.

“Having undertaken a root cause analysis in February 2022, IDS is now in the process of improving board oversight of stock condition and the effectiveness of its repairs services. It has also taken steps to improve board skills and commissioned a lessons learned report.”

Railway Housing Association was another provider that received a downgrade, due to a viability regrade from V1 to V2. This is because of its “increasing investment in its existing homes, including a programme of spending on energy efficiency improvements”, the Regulator said.

The judgement added: “This investment substantially reduces headroom on RHA’s tightest interest cover covenant and means it can only absorb a limited amount of stresses. As a result of this, the provider has material risks that it needs to manage to ensure continued compliance.”

And while Notting Hill Genesis kept its G1/V2 grading, the Regulator felt it needed to change the basis for that V2 rating.

It said: “NHG needs to manage material risks relating to planned investment in its existing stock and to its large and diverse development programme. The provider has refocussed its strategic priorities and now plans to increase investment in its current stock to meet energy efficiency, fire safety and other building safety requirements.

“These additional costs will negatively impact on NHG’s financial performance including interest cover from its core social housing. NHG’s significant on-going development programme exposes it to commercial sales markets.”

Other organisations receiving judgements were Silva Homes and Two Rivers Housing, who both maintained their G1/V1 ratings.