On Wednesday 31 October the Regulator of Social Housing declared a regulatory upgrade for Habinteg Housing Association. The organisation now has a G1 rating for governance and a V1 rating for finance viability – the highest compliant rating available.
The upgrade comes as a result of an in-depth assessment undertaken by the regulator earlier in 2018.
The judgement states:
“Based on the evidence gained from an IDA, the regulator now has assurance that Habinteg’s leadership and governance arrangements are sufficient to support the delivery of its objectives. It has an adequate business planning and control framework in place and risks are being managed satisfactorily.
Since our previous assessment, Habinteg has strengthened its overall risk management and assurance framework to ensure that it enables the board to manage its affairs effectively. It has also reviewed its internal audit framework and implemented recommendations from independent reviews to establish effective control and internal audit functions. Habinteg has a new leadership team and we are assured that it now has the infrastructure and organisational capacity and capability, at executive and board level, to lead and manage the organisation.
The regulator’s assessment of Habinteg’s compliance with the financial viability element of the Governance and Financial Viability standard is unchanged. Based on evidence gained from an IDA the regulator has assurance that Habinteg’s financial plans are consistent with, and support, its financial strategy. The provider 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.”
Habinteg’s Chief Executive, Sheron Carter said “We welcome the news from the regulator that Habinteg has received a G1 V1 rating. We have worked hard ensuring our organisation benefits from strong leadership, clear strategic direction and solid financial planning.
Our social mission is at the heart of everything we do, and the foundation we have built will ensure we can continue to champion inclusion by providing and promoting accessible homes and neighbourhoods that welcome and include everyone”