Regulatory judgement announced
Following an In-Depth Assessment (IDA) from the Regulator of Social Housing (RSH), Habinteg’s new gradings for the governance and viability standards have been published.
Habinteg retain the top grade for viability, with ‘V1’ status confirmed. The RSH said that ‘Habinteg has an adequately funded business plan, sufficient security in place, and is forecast to continue to meet its financial covenants under a wide range of adverse scenarios.
Although Habinteg remain compliant with the governance standard, our previous G1 grading has been changed to G2.
In its regulatory judgement, the RSH said that “The provider (Habinteg) meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.
Commenting on the judgement, Board Chair Manny Lewis and Habinteg’s CEO Nick Apetroaie, said: “Habinteg accepts today’s regulatory judgement that we continue to meet the governance standard and that there are areas we need to improve on. The feedback we have received recognised the changes that are already underway and pointed us towards where we need to do more.
“We welcome the regulator’s judgement that Habinteg has the financial capacity to address these challenges, having retained our top grading for viability. Our long-term business plan is supported by strong liquidity and low gearing. We will use our financial strength as a platform to accelerate change and deliver the best possible services to Habinteg tenants.
“We will now work with the Regulator, the Board, our staff and customers in order to further strengthen our governance arrangements.
“The need for affordable, safe and accessible homes has never been greater. We will continue to provide accessible homes and promote independence for disabled people and their families, which will always remain at the very heart of our mission.”
