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London-based housing co-op found in breach by regulator

A London-based housing co-operative has been found in breach of the regulator’s standards after it failed to file financial statements

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London-based housing co-op found in breach by regulator #ukhousing

Two housing associations see their governance upgraded #ukhousing

The Regulator of Social Housing said Park Hill Housing Co-operative has failed to submit financial statements within six months of the latest accounting period, despite repeated reminders.

The regulator said the co-operative has failed to meet the governance part of the Governance and Financial Viability Standard and it does not have “sufficient assurance” of its financial viability.

Registered providers are required to submit financial statements no later than six months from the date on the statements.


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The regulator is now considering what further action to take, “if any”, in relation to the breach.

Park Hill Housing Co-operative has been approached for comment.

In a second judgment, 24,000-home Paragon Asra Housing saw its governance upgraded to the highest G1 rating.

The regulator found it needed to make improvements in 2016 but that it had already strengthened its operations to address “serious concerns” about its business planning and control frameworks.

Following the merger between Paragon and Asra in April last year, the association carried out a “wholesale revision” of its governance arrangements and the regulator said risks are now being managed “satisfactorily”.

North Devon Homes also had its governance upgraded to G1.

The regulator concluded in 2016 that the 3,325-home association needed to strengthen the skills of its board to match the organisation’s plans to develop 200 new homes over three years and improve its approach to business planning.

Since then the regulator has contacted board members and watched a board meeting to check improvements had been made. It found that the association had put in place a governance improvement plan with support from independent advisors and created a smaller skill-based board.

Its business planning has been expanded to reflect its development strategy, including modelling and managing sales risk.

Regulatory judgements published on 25 April

Provider Governance rating Viability Change
Cornerstone HousingG1V1No change
Jigsaw Homes GroupG1V1Merger (first judgement)
Lincolnshire Housing PartnershipG2V2Merger (first judgement)
Local SpaceG1V1No change
North Devon HomesG1V1Governance upgrade
Origin HousingG1V2No change
Paragon Asra HousingG1V1Governance upgrade
Park Hill Housing Co-OperativeN/AN/ANon-compliant
Southway Housing Trust (Manchester)G1V1No change
Sovereign Housing AssociationG1V1No change
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