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Regulator of Social Housing places 5,000 unit provider on its Gradings Under Review list

The Regulator of Social Housing (RSH) has placed Shepherds Bush Housing Association Limited (SBHA), which operates in West and South West London, on its Gradings Under Review (GUR) list. In its financial statements for the year ended 31 March 2021, SBHA disclosed that it managed 5,001 units.

The RSH is investigating matters which may impact on SBHA’s compliance with the governance element of the Governance and Financial Viability Standard. In its most recent Regulatory Judgement (RJ) published in December 2020, SBHA was graded G2 for Governance and V2 for Viability. SBHA was originally downgraded to G2 in April 2020 due to a failure to meet statutory requirements in relation to electrical safety and asbestos safety. The V2 judgement in that RJ referenced increasing debt to fund SBHA’s development programme, exposure to the housing market and a reliance on cost savings to achieve forecast financial performance.

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.