01 September, 2015
In April of this year the Homes and Communities Agency, the regulator of social housing for England (the Regulator) introduced changes to the Regulatory Framework for Social Housing. The Regulator has now published Regulating the Standards, which describes the operational approach the Regulator will utilise in engaging with the social housing sector in applying the regulatory framework.
The HCA has two fundamental objectives, an economic regulation objective and a consumer regulation objective.
The economic regulation objective includes:
While the consumer regulation objective includes: supporting the provision of social housing so that it is well managed and of appropriate quality; ensuing tenants of social housing have an appropriate degree of choice and protection; as well as to be involved in its management and hold their landlords to account and to encourage RPs to contribute to the environmental, social and economic well-being of the areas where their stock is situated.
In Regulating the Standards this to say that this means:
Communication with the Regulator
The Regulator views transparency as the fundamental pillar of the co-regulatory approach and failure to comply with this may affect the assessment of an RP. It is important to bear in mind communicating with the Regulator in an accurate and timely way is a specific expectations of the Governance and Financial Viability Standard (G & FVS). Also the G & FVS Code of Practice includes the provision of information and further outlines that submission of late, incomplete or inaccurate data is indicative of a weak control environment and possibly of non-compliance.
For more on the new publication and the HCA's operational approach see the Forbes' Blog.