HCA restores social landlord's top governance rating
Published by Max Salsbury for 24dash.com in Housing and also in Central Government, Regulation
HCA restores social landlord's top governance ratingImage: Housing via Shutterstock
The Homes and Communities Agency has restored a social landlord's governance rating to the top notch after the registered provider heeded the regulator's recommendations.
In February, the HCA downgraded Islington and Shoreditch Housing Association's (ISHA) governance rating from G1 to G2 over concerns about value for money.
The downgrade followed new rules that demanded a transparent, accessible and robust self-assessment on value for money must be published within six months of the close of the financial year.
The regulator ruled that ISHA had not done so within a reasonable timescale.
In response, the 2,000-home provider commissioned an external review of compliance. Its board has also implemented "additional controls", including incorporating a schedule of reporting requirements for all compliance matters as a standing agenda item at every board meeting and ensuring that the board now receives bi-monthly reports on regulatory and statutory compliance.
The board has additionally put in place a cycle of review of value for money, meaning its self-assessment is updated and published twice a year.
Clare Thomson, ISHA Chief Executive said: “The reinstatement to G1 is testimony to the additional work Board and staff have committed to strengthen our compliance controls.
We were also delighted to be among the small number of GLA development partners to be awarded Trusted Delivery Partner status in July 2014. The regulatory review has provided us with additional external assurances to put us in an even stronger position for the future.”
ISHA viability rating with the HCA remains untouched, with a top score of V1.
The housing provider was one of 14 social landlords downgraded by the HCA in February.