The Regulator of Social Housing (RSH) has published a non-compliant Regulatory Judgement (RJ) for Heylo Housing Registered Provider Limited (Heylo RP), in which the provider is graded G3 for Governance and V3 for Financial Viability.
Heylo RP is a for-profit provider providing shared ownership accommodation which it leases from companies within the Heylo group – Heylo RP is a wholly owned subsidiary of its unregistered parent, Heylo Housing Group Limited.
The RJ reflects the RSH’s lack of assurance that the lease arrangements that Heylo RP has entered into ensure that social housing assets are not being put at undue risk.
Through an In Depth Assessment, the RSH has identified significant weaknesses in Heylo RP’s governance including:
- inadequate oversight of the services provided by its managing agent
- weak arrangements for Heylo RP to be consulted on investment decisions
- a lack of assurance that clear roles, responsibilities and accountabilities had been established for Heylo RP’s Board
- lack of appropriate terms of reference, standing orders or a framework of delegation
- failure to review compliance with its chosen code of governance since its inception in 2017 and
- inadequate arrangements in place for Heylo RP to obtain appropriate support or assistance as necessary from its unregistered parent.
All of the RJs, Regulatory Notices and GUR listings published by the RSH can be viewed on the RSH’s website here.