Decision

M&G UK Shared Ownership Limited (5115) - Regulatory Judgement: 30 July 2025

Published 30 July 2025

Applies to England

Our Judgement

This judgement concerns an organisation that is designated a for-profit registered provider.

The registered provider is not at the head of its group. It is a subsidiary organisation within a larger group of connected companies.

The registered provider is not intended to operate as a standalone entity in the group structure. It requires the ongoing support of related parties to fulfil its functions and / or meet its objectives. The nature of this support is described in this judgement.

This judgement concerns the registered provider only and does not represent an assessment of the non-registered entities within the group.

	Grade/Judgement	Change	Date of assessment
Consumer	C2* Our judgement is that there are some weaknesses in the landlord delivering the outcomes of the consumer standards and improvement is needed.	First grading	July 2025
Governance	G2* Our judgement is that the landlord meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.	First grading	July 2025
Viability	V1* Our judgement is that the landlord meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.	First grading	July 2025

Reason for publication

We are publishing a regulatory judgement for M&G UK Shared Ownership Limited (M&G) following an inspection completed in July 2025.

This regulatory judgement confirms a consumer grade of C2, a governance grade of G2 and a financial viability grade of V1*.

This is the first time we have issued a regulatory judgement in relation to this landlord.

Summary of the decision

Based on the assurance gained during the inspection and the evidence provided by M&G, our judgement is that there are some weaknesses in M&G delivering the outcomes of the consumer standards and improvement is needed, specifically in relation to outcomes in our Transparency, Influence and Accountability Standard.  Based on this assessment, we have concluded a C2* grade for M&G.

Our judgement is that M&G meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance, specifically in relation to risk management and board oversight. Based on this assessment we have concluded a G2* grade for M&G.

Our judgement is that M&G meets our financial viability requirements and has the financial capacity to deal with a wide range of adverse scenarios. M&G has a strong financial profile, and its stress testing demonstrates that financial capacity is built into its financial plans. M&G has provided appropriate assurance that it has access to sufficient liquidity and adequate funding in place. Based on this assessment, we have concluded a V1* grade for M&G.

How we reached our judgement

We carried out an inspection of M&G to assess how well M&G is delivering the outcomes of the consumer standards and meeting our governance and financial viability requirements, as part of our planned regulatory inspection programme. During the inspection, we considered three of the four consumer standards: Neighbourhood and Community Standard, Safety and Quality Standard, and the Transparency, Influence and Accountability Standard. As M&G owns only Low Cost Home Ownership (LCHO) homes, the Tenancy Standard does not apply to M&G.

During the inspection we observed a board meeting, held meetings with M&G including its non-executive directors, interviewed staff, and reviewed a wide range of documents provided by M&G.

Our regulatory judgement is based on a review of all the relevant information we obtained during the inspection as well as analysis of information supplied by M&G in its regulatory returns and other regulatory engagement activity.

Summary of findings 

Consumer – C2* – July 2025 

During the inspection, M&G provided evidence that it takes all reasonable steps, and has appropriate systems in place, to ensure the health and safety of tenants in their homes and associated communal areas and is meeting landlord health and safety requirements. In its approach to the acquisition of homes, M&G has assurance regarding the condition and has plans to maintain this information through a programme of stock condition surveys. The Decent Homes Standard does not apply to LCHO homes. As M&G owns only LCHO homes, our assessment of M&Gs delivery of the Safety and Quality Standard reflects this.

M&G is not currently delivering all the outcomes of the Transparency, Influence and Accountability Standard. Structured arrangements are not yet in place to provide a range of opportunities for tenant engagement, and this limits the extent to which M&Gs tenants can scrutinise and influence service delivery. M&G was not able to demonstrate how it is ensuring that its services are tailored and accessible based on an understanding of tenants’ diverse needs. M&G provides a limited amount of information on its website and is not fully meeting expectations relating to the provision of both landlord services and performance information. M&G identified these weaknesses prior to the inspection and has begun to take steps to address them. We will work with M&G while it works to make the necessary improvements.

In relation to the Neighbourhood and Community Standard, M&G has provided evidence that it has appropriate oversight of the management of anti-social behaviour (ASB) across its homes and works in partnership with appropriate local authority departments, the police and other relevant organisations to deter and tackle ASB.

Governance – G2* – July 2025

Based on the evidence gained from the inspection we have assurance that M&G is meeting the requirements of the Governance and Financial Viability Standard.

After a period of significant growth, M&Gs board has a clear strategy in place that includes developing its service delivery with the aim of increasing consistency for tenants and improving efficiency. Strategic objectives and measures are in place that focuses on customers, landlord health and safety and on governance improvement. The skills and experience of its board members align with M&Gs strategic direction.

We saw evidence that M&Gs board has sought external assurance on the effectiveness of internal controls in specific areas including landlord health and safety. However, improvement is needed in M&Gs risk and control arrangements overall, to strengthen ongoing assurance regarding the management of key risks. M&G recognises this and has recently updated its governance arrangements to increase capacity to deliver improvements in this area.  

There are some weaknesses in board oversight that have impacted on its role in overseeing M&Gs financial plan and monitoring progress towards the achievement of strategic objectives. We will work with M&G as it continues to make improvements in these areas.

Viability – V1* – July 2025

Based on the evidence gained through the inspection, we have concluded that there is appropriate assurance that M&Gs financial plans are consistent with, and support, its financial strategy. M&G has evidenced that it has an adequately funded business plan and that it has controls to support ongoing access to liquidity. Its financial performance has enabled it to make dividend payments in each of the last two years, and financial plans are based on reasonable assumptions.

Background to the judgement

About the landlord

M&G is a for-profit registered provider of social housing. Its sole shareholder is M&G Shared Ownership REIT plc, which is wholly owned by M&G Shared Ownership LP. M&G is part of a REIT group.

M&G owns around 1,600 homes mainly in London, the South East and Midland’s regions. It owns exclusively LCHO homes. M&G is the Responsible Entity for a single building that exceeds 11 metres in height.

M&G uses a number of managing agents to provide the majority of its housing management services in accordance with a series of property management agreements.

M&G has no employees. At 31 March 2024 it reported a turnover of £3.9m.

Our role and regulatory approach

We regulate for a viable, efficient, and well governed social housing sector able to deliver quality homes and services for current and future tenants.  

We regulate at the landlord level to drive improvement in how landlords operate. By landlord we mean a registered provider of social housing. These can either be local authorities, or private registered providers (other organisations registered with us such as non-profit housing associations, co-operatives, or profit-making organisations). 

We set standards which state outcomes that landlords must deliver. The outcomes of our standards include both the required outcomes and specific expectations we set. Where we find there are significant failures in landlords which we consider to be material to the landlord’s delivery of those outcomes, we hold them to account. Ultimately this provides protection for tenants’ homes and services and achieves better outcomes for current and future tenants. It also contributes to a sustainable sector which can attract strong investment. 

We have a different role for regulating local authorities than for other landlords. This is because we have a narrower role for local authorities and the Governance and Financial Viability Standard, and Value for Money Standard do not apply. Further detail on which standards apply to different landlords can be found on our standards page. 

We assess the performance of landlords through inspections and by reviewing data that landlords are required to submit to us. In Depth Assessments (IDAs) were one of our previous assessment processes, which are now replaced by our Regulatory inspections programme from 1 April 2024. We also respond where there is an issue or a potential issue that may be material to a landlord’s delivery of the outcomes of our standards. We publish regulatory judgements that describe our view of landlords’ performance with our standards. We also publish grades for landlords with more than 1,000 social housing homes. 

The Housing Ombudsman deals with individual complaints. When individual complaints are referred to us, we investigate if we consider that the issue may be material to a landlord’s delivery of the outcomes of our standards.  

For more information about our approach to regulation, please see Regulating the Standards.

Further information

• Regulating the standards

• Regulatory standards for landlords