Manningingham is a small Bradford-based housing association with 1400 homes
It has been donwgraded to non-compliant due to a lack of “effective leadership or direction”.
The garde change for MHA governance has moved from G1 to G3 stating that the regulator lacks “assurance that there is effective leadership or strategic direction and that the board is maintaining effective oversight and control of MHA and its activities”.
The HCA also suggests MHA does not have an effective risk management framework in place.
The HCA said: “The board has failed to ensure there is sufficient resource to effectively manage its key risks and deliver strategic priorities which include determining the organisation’s future, organisational capacity and the impact of welfare reform changes.
“The board has failed to agree and implement the significant changes required to move the organisation forward. It has not acted appropriately on warnings from its external auditor and has failed to ensure appropriate resources are in place to implement significant audit recommendations.
“While stress-testing and scenario planning have been undertaken and there are some individual elements in place, we lack assurance that they are sufficiently integrated or robust to enable the board to monitor and manage risks facing MHA.”
The HCA added that MHA had “not been appropriately transparent in its communication with the regulator”.