Withdrawn regulatory notice: The Abbeyfield Wallasey Society (12 August 2015)
Updated 28 September 2020
Applies to England
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This publication is available at https://www.gov.uk/government/publications/regulatory-notice-the-abbeyfield-wallasey-society/withdrawn-regulatory-notice-the-abbeyfield-wallasey-society-12-august-2015
Withdrawn: The Abbeyfield Wallasey Society de-registered on 3 June 2019.
Regulatory Notice
- Provider: The Abbeyfield Wallasey Society
- Regulatory code: H2564
- Publication date: 12 August 2015
- Governance grade: N/A
- Viability grade: N/A
- Reason for publication: Economic Standards
- Regulatory route: N/A
Other providers included in the judgement
None
Regulatory Finding
The regulator has concluded that:
a) The Abbeyfield Wallasey Society has failed to meet the governance elements of the Governance and Financial Viability Standard.
b) The regulator does not have sufficient assurance of compliance with the financial viability elements of the Governance and Financial Viability Standard.
The regulator is considering what further action should be taken, including whether to exercise any of its powers.
The Case
The regulator has noted that The Abbeyfield Wallasey Society has failed to submit signed financial statements within six months of the latest accounting period, despite repeated reminders.
The Regulator’s Findings
Breach of the Governance and Financial Viability Standard
The regulator has considered the case as a potential breach of the Governance and Financial Viability Standard. The standard states that
“Governance arrangements shall ensure registered providers:
(a) adhere to all relevant law
(b) comply with their governing documents and all regulatory requirements”
and
“Registered providers shall manage their resources effectively to ensure their viability is maintained while ensuring that social housing assets are not put at undue risk”
Governance
It is a requirement of the Housing and Regeneration Act 2008 that private registered providers (PRP) must submit a copy of their accounts (together in certain circumstances with an auditor’s report) no later than six months after the end of the period to which the accounts relate. Any PRP not complying with the requirement to provide its annual accounts within this period may have committed an offence. A failure to comply with relevant legislation is prima facie a breach of the governance elements of the Governance and Financial Viability Standard.
Financial Viability
The regulator’s approach to regulating small (<1,000 unit) providers is set out in Regulating the Standards. The regulator relies upon information provided to it by such providers to provide assurance of compliance.
The key assurance in regard to financial viability is properly signed accounts. As the regulator has not received such accounts or any other source of assurance from The Abbeyfield Wallasey Society, it does not have adequate assurance of the financial viability of The Abbeyfield Wallasey Society.
Conclusion
The regulator is of the view that The Abbeyfield Wallasey Society is not compliant with the Governance and Financial Viability Standard.
Actions
Section 220 of the Housing and Regeneration Act 2008 states that the regulator’s regulatory and enforcement powers may be used if a registered provider has failed to meet a standard under section 194 of the Act.
The regulator will consider what, if any, further action it will take in relation to the breach of the governance elements of the Governance and Financial Viability Standard.
About our Regulatory Notices
Regulatory notices are issued in response to an event of regulatory importance (for example, a finding of a breach of the Rent Standard or of a consumer standard that has or may cause serious harm) that, in accordance with its obligation to be transparent, the regulator wishes to make public. More detail about Regulatory notices is set out in ‘Regulating the Standards.’
Key to Grades
Governance:
- G1 (Compliant): The provider meets our governance requirements
- G2 (Compliant): The provider meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance
- G3 (Non-compliant): 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 (Non-compliant): 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.
Viability:
- V1 (Compliant): The provider meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.
- V2 (Compliant): 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 (Non-compliant): 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 (Non-compliant): 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.