In its latest round or regulatory judgments, the Regulator of Social Housing has upgraded the governance rating of two housing providers.
Out of the 19 judgments issued, both Ongo Homes Limited and Gentoo Group Limited received a governance upgrade of G2 and G1 respectively – both of which are deemed ‘compliant’.
Ongo
On Ongo’s judgment, the Regulator said: “This regulatory judgement upgrades our assessment of Ongo Homes’ governance from G3 to G2.
“The Regulator now has assurance that Ongo Homes’ governance arrangements are supporting the organisation to meet its objectives.
“However, Ongo Homes still needs to improve some aspects of its governance to support continued compliance.”
Responding to the judgment, Ongo CEO Steve Hepworth said: “We’re pleased that the Regulator is satisfied that we have fully addressed the areas of non-compliance and that we have retained the highest rating of V1 for our financial viability.
“We are working hard across the Ongo group to support our tenants and residents as they cope with the effects of the Coronavirus pandemic, and having appropriate governance arrangements will help us continue to provide quality homes and a great landlord service.”
Ongo chair Bob Walder added: “We are obviously very pleased to hear today’s announcement, and the upgrade to a G2 rating reflects the teamwork and effort over the last 18 months by everyone concerned.
“We will of course remain focussed on our tenants and communities as we go forward, and we hope to re-attain the highest G1 rating in due course.”
Gentoo
On Gentoo’s judgment, the Regulator said: “This regulatory judgement upgrades our previous assessment of Gentoo’s governance from G2 to G1 and confirms its existing viability grade of V2.
“Based on evidence gained from an IDA [In-Depth Assessment], the Regulator has assurance that Gentoo’s governance arrangements enable it to adequately control the organisation and to continue meeting its objectives.”
The 17 other providers on the list all maintainted their current ratings, following a series of stability checkss (an annual review of a provider’s financial position and business plan).
These providers are:
- Accord Housing Association Limited
- Believe Housing Limited
- Beyond Housing Limited
- Cambridge Housing Society Limited (The)
- Cottsway Housing Association Limited
- Housing 21
- Hundred Houses Society Limited
- Industrial Dwellings Society (1885) Limited (The)
- Muir Group Housing Association LimitedOrwell Housing Association Limited
- Pierhead Housing Association Limited
- Rosebery Housing Association Limited
- Sanctuary Housing Association
- Settle Group
- Southway Housing Trust (Manchester) Limited
- Together Housing Group Limited
- Wythenshawe Community Housing Group Limited
The Regulator has the power to issue gradings on both governance and financial viability.
The gradings that can be issued are G1/V1 (compliant); G2/V2 (compliant); G3/V3 (non-compliant and intensive regulatory engagement); and G4/V4 (non-compliant, serious failures leading to either intensive regulatory engagement or the use of enforcement powers).
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