The ‘Regulating the Standards’ document sets out the approach RSH takes to regulation, what providers can expect of the regulator, and how it ensures that standards are being met.
The main changes are:
- From April 2019, we will carry out In Depth Assessments (IDAs) for the largest and/or most complex providers on a biennial basis instead of the current period of once every three to four years. We will also programme a structured update meeting with these providers in the intervening non-IDA year.
- We have reinforced our expectation that boards take ownership of their organisation’s stress testing and ensure they understand the impact of economic cycles as well as one-off shocks on their businesses.
- We have listed the different scenarios where we may issue an interim Regulatory Judgement where a provider undergoes what the RSH considers to be a significant constitutional change or group restructure, including a change in ownership or other change of control.
Fiona MacGregor, Chief Executive of RSH said:
As part of our commitment to take a proportionate, risk-based regulatory approach, we are making changes to our planned regulatory engagement with larger providers and those that have more risk exposure. This will allow us to seek the frequency of assurance that organisations are effectively managing their changing risk profiles and keeping pace with the fast-moving operating environment.
We will also ask for evidence of well-developed and tested strategies that boards and senior teams of all registered providers have in place to be able to respond promptly and recover from potential scenarios such as a housing market downturn.
‘Regulating the Standards’ is available on the RSH website
- Regulating the Standards was last updated in April 2018.
- The Regulator of Social Housing promotes a viable, efficient and well-governed social housing sector able to deliver homes that meet a range of needs. It does this by undertaking robust economic regulation focusing on governance, financial viability and value for money that maintains lender confidence and protects the taxpayer. It also sets consumer standards and may take action if these standards are breached and there is a significant risk of serious detriment to tenants or potential tenants.
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