Welsh landlord’s financial viability revised over decarbonisation plans

The regulator also observed meetings of the board and assurance committee. 

It concluded that improvements are required, or that material risk should be closely managed by the 3,300-home landlord in terms of financial viability. 

“The association has a significant programme of planned decarbonisation works over the next five-year period, which materially impacts on its financial metrics,” the judgement said.

On the self-evaluation, the regulator said it was “unable to conclude” that it fully meets all requirements.

In particular it highlighted that the requirement to include a Compliance Improvement Plan, which sets out how any areas of non-compliance with the standards will be addressed, in Ateb’s next self-evaluation. 

“The plan must include a timetable and identify a responsible senior person,” the judgement said.

Nick Hampshire, chief executive at Ateb, said: “We are pleased to report that Ateb Group has successfully completed the new Welsh government regulatory review assessment and meets regulatory requirements, with a green grading for governance and services plus a yellow for financial viability.

“The judgement notes that we will continue to work on our published compliance improvement areas and that we are significantly investing in decarbonisation.

“Last year our strategy signalled our intent to invest £10m in our existing homes to meet the Welsh government’s standards to improve decarbonisation by 2030. 

“With support from Welsh government grant funding and access to its dedicated decarbonisation loan scheme, we have built a viable plan that enables us to meet these 2030 ambitions while balancing affordability, investment in existing homes, delivery of new homes and long-term financial sustainability.

“We will continue to work with all our partners to achieve the best outcomes we can for our customers while protecting the resources we have.”