The Regulator of Social Housing (RSH) has published a Regulatory Notice (RN) for Falcon Housing Association CIC which is a not-for-profit lease-based provider. The RSH had placed Falcon on its Gradings Under Review (GUR) list at the start of October. Falcon provided 952 units of social housing at 31 March 2021. As Falcon owns less than 1,000 homes it does not currently have a published Regulatory Judgement (RJ).
The RSH has found Falcon to be non-compliant with its Governance and Financial Viability Standard. Key aspects of the RSH’s findings are:
- A failure to demonstrate ongoing financial viability
- Weaknesses in its risk management, business planning and control framework
- The Board has failed to manage its affairs with an appropriate degree of skill, independence, diligence, effectiveness, prudence and foresight
- The Board has failed to ensure that any arrangements it has entered into do not inappropriately advance the interests of third parties and
- A lack of assurance that Falcon’s properties meet the criteria of Specialised Supported Housing, meaning that the Regulator is not assured of the provider’s compliance with the Rent Standard.
All of the RJs, RNs and GUR listings published by the RSH can be viewed on the RSH’s website here.