Regulator launches probe into South Yorkshire Housing Association

The Regulator of Social Housing (RSH) has opened an investigation into a 5,700-home association it suspects may not be complying with regulatory standards.

RSH today announced that South Yorkshire Housing Association (SYHA) has been added to its ‘gradings under review’ list, which means the regulator is investigating matters that may result in non-compliance.

SYHA is currently graded at ‘G2’ for governance and ‘V2’ for viability which means that it is compliant but needs to improve governance and manage material risks to remain so. A downgrade by a further notch in either category would mean it is non-compliant.

The RSH declined to provide any information about the matters being investigated at this stage.

An RSH spokesperson said: “The regulator is currently investigating matters which may impact on SYHA’s compliance with the Governance and Financial Viability Standard.

“The outcome of the investigation will be confirmed in a regulatory judgement, once completed.”

>>See also: Can ‘for-profit’ providers rescue affordable housebuilding?

>>See also: Can HAs keep development going as the rest of the market slows?

SYHA also declined to reveal details of the investigation.

Larry Gold, chief executive at SYHA, said: “Our primary focus is to work closely with the regulator on the ongoing review and to take all the necessary action to ensure the financial viability and strong governance of SYHA”.

In its most recent regulatory judgement published last September, RSH downgraded SYHA to G2 and raised concerns about ”weaknesses in the board’s oversight of risk management, strategic and financial planning, and strategic plan delivery.”