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Supported housing provider facing regulator probe amid chief executive’s exit
A supported housing provider, whose chief executive left the organisation last month, is facing scrutiny by the regulator over an undisclosed issue which could affect its compliance rating.
Prospect Housing Limited, which manages 1,860 supported housing units across the West Midlands, was added to the Regulator of Social Housing’s (RSH) ‘gradings under review’ list last week.
The regulator said it is “investigating a matter which may may impact Prospect Housing Limited’s compliance with both the governance and financial viability elements” of its standards.
It comes as a Companies House filing shows that Stefan Deans, chief executive for the past five years at Prospect Housing, left the group last month. It is unclear if the two matters are related. The Birmingham-based group does not currently have a chief executive listed on its website.
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Prospect Housing also appointed an ‘interim governance advisor’ in the summer, among a string of other director appointments.
In a statement to Inside Housing, Prospect Housing said: “We have been working rigorously over the past year to strengthen and further develop our systems and controls in relation to good governance and financial viability.
“There is now a new senior leadership team in place and newly recruited board members to further support us on this journey. We will continue to work with the regulator to ensure that all areas of concern are fully addressed and embedded within the organisation.”
In its last full year to the end of March this year, Prospect Housing reported that its surplus more than doubled to £956,000 as turnover rose by a third to £15.9m. It currently has 102 vacant units available for letting, according to the RSH’s Statistical Data Return.
The regulator said the outcome of the investigation into Prospect Housing will be “confirmed in a regulatory judgement once completed”.
Another West Midlands supported housing provider, New Roots, is also currently under investigation by the regulator for a possible standards breach.
