The Regulator of Social Housing has, this week, published a revised ‘Regulating the Standards’, largely to take into account the new Value For Money (“VFM”) Standard (which came into force on 1 April).
Key changes within the new ‘Regulating the Standards’ include:
- Updates to reflect the requirements of the new VFM Standard and accompanying Code of Practice, including how VFM compliance will be assessed as part of an In-depth Assessment;
- The clarity that 2017/18 accounts must be based on the requirements of the new VFM Standard, but recognition (which is likely to be welcome) that this may not be possible for all reporting requirements of the new Standard;
- An increased emphasis on Financial Forecast Returns providing details of all an RP’s planned activities, including projected development activity, and results of stress testing against the financial forecast; and
- Following on from the large number of RP “regrades” to V2 late last year, greater clarity on how a V2 grading is viewed by the Regulator, including some of the characteristics the Regulator feels may be shared by RPs at V2 (such as a weaker financial profile with less headroom against covenants or a significant financial event in the short term that could change the profile of the organisation).
The Regulator’s approach to the regulation of consumer standards, and its guidance on its approach to intervention, enforcement and use of powers, remain unchanged.
For more information
For further information relating to the revised ‘Regulating the Standards’, please get in touch with Gemma Bell.
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