South Lakes Housing retains highest rating from regulator
We are delighted to have been informed that we have retained our Governance (G1) and Viability (V1) ratings from the Regulator of Social Housing, based upon assurance obtained through the Stability Check process and other regulatory activity, as set out in Regulating the Standards.
This rating, the highest available from the Regulator and considers a range of information and data including; the annual accounts, financial plan &, future forecast expenditure on areas like major repairs and development. The checks also include whether South Lakes Housing is meeting value for money requirements as well as considering risks and capacity to withstand economic and other shocks such as Brexit and COVID-19.
Cath Purdy, Chief Executive, said: Were delighted to retain top ratings of Governance (G1) and Viability (V1) from the Regulator for Social Housing. This judgement enables us to look to the future with an assurance that we can deliver great service to our customers and continue to invest in our homes as set out in our Business Strategy to provide Quality Homes, a platform for life.
Key to ratings:
V1/G1: Compliant
V2/G2: Compliant
V3/G3: Non-compliant and intensive regulatory engagement needed
V4/G4: Non-complaint, serious failures, leading to either intensive regulatory engagement or the use of enforcement powers
Rating straplines in full:
Governance ratings:
G1: The provider meets our governance requirements.
G2: The provider meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.
G3: The provider does not meet our governance requirements. There are issues of serious regulatory concern and in agreement with us the provider is working to improve its position.
G4: The provider does not meet our governance requirements. There are issues of serious regulatory concern and the provider is subject to regulatory intervention or enforcement action.
Financial viability ratings:
V1: The provider meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.
V2: The provider meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.
V3: The provider does not meet our viability requirements. There are issues of serious regulatory concern and, in agreement with us, the provider is working to improve its position.
V4: The provider does not meet our viability requirements. There are issues of serious regulatory concern and the provider is subject to regulatory intervention or enforcement action.
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