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Regulator of Social Housing places 10,000 unit provider on its Gradings Under Review list

The Regulator of Social Housing (RSH) has placed Swan Housing Association Limited on its Gradings Under Review (GUR) list. In its financial statements for the year ended 31 March 2021, Swan disclosed that it owned 10,171 units and managed a further 1,484 units.

The RSH is investigating matters which may impact on Swan’s compliance with the Governance and Financial Viability Standard. In its most recent Regulatory Judgement published in January 2021, Swan was graded G2 for Governance and V2 for Viability. Swan was originally downgraded to G2 in January 2020 due to weaknesses in stress testing and understanding of its cost drivers. The V2 judgement in that RJ referenced the omission of uncommitted development from its business plan and financial forecast and a reliance on property sales to maintain its financial strength.

The RSH endeavours to publish a narrative RJ or Regulatory Notice (RN) within six to eight weeks of a provider being placed on the GUR list, if it determines that the provider is non-compliant with the Governance and Financial Viability Standard.

All of the RJs, RNs and GUR listings published by the RSH can be viewed on the RSH’s website here.