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Regulator to investigate east London landlord after potential governance issues
An east London landlord has been placed on the Regulator of Social Housing’s (RSH) gradings under review list, with the sector watchdog now investigating it over issues that may affect its compliance with governance standards.
In a release today, the RSH confirmed that East End Homes has been placed on the list and is being investigated over an issue that could see the landlord rated non-compliant with the regulator’s governance standard.
The landlord, which owns more than 3,700 properties across five estates in the east London borough of Tower Hamlets, was deemed compliant in its last regulatory judgement back in November 2020 and received a G1 rating, the highest possible grade for governance.
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East End Homes at the time was given a V2 rating, meaning the provider meets viability requirements and has the financial capacity to deal with a reasonable range of adverse scenarios, but that it needs to manage material risks to ensure continued compliance.
It is now one of six landlords on the gradings under review list. All six have been put on the list since May. The list includes for-profit provider Heylo Housing, which was put on the list in July, and Christian Action (Enfield) Housing Association, which was added in May.
The other associations are all providers that own or manage fewer than 1,000 properties and are: RCVDA Community Housing CIC, Highstone Housing Association and Auxesia Homes.
The last association to be taken off the list was Shepherds Bush Housing Group, which was removed in June and given a G3 non-compliant rating for governance.
The RSH’s investigation found “inaccuracies in board reporting and a lack of effective oversight and scrutiny” at Shepherds Bush.
It also found that the association came “within weeks of a potential loan covenant breach”.
Inside Housing has contacted East End Homes for comment.
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