RSH takes enforcement action against Concept Housing Association
Summary
The Regulator of Social Housing has taken enforcement action against Concept Housing Association after identifying serious governance, risk management and financial viability failings, including overdue financial statements and concerns about external arrangements. It has also launched an investigation into Hexagon Housing Association over possible failures against the Governance and Financial Viability Standard.
Why it matters
Although this concerns social housing providers rather than private residential stock, it highlights the regulator’s focus on governance, viability and tenant protection. Surveyors working with housing associations, lenders or due diligence processes should note the potential implications for asset management, compliance and risk.
Key points
- Concept Housing Association has been subject to enforcement action by RSH.
- RSH says Concept has weak business planning, inadequate risk management and significant financial deterioration.
- Concept’s financial statements are overdue by more than a year.
- RSH is investigating Hexagon Housing Association and has placed it on the gradings under review list.
- The case centres on the Governance and Financial Viability Standard and tenant protection.
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