20,000 home Radian was downgraded to ‘G2’ for governance in a clutch of judgements released today by the Regulator of Social Housing (RSH) (see table below). This means it is still compliant with standards but needs to improve in some areas.
Radian, according to the regulator has poor financial reporting on development functions to support their growth strategy, amongst other issues related to their structural capacity for their development programme.
Byker Community Trust (BCT), who manage 1,800 homes in Newcastle, also saw its governance downgraded to G2. This was due to an “in-depth assessment” that revealed, among other things, a failure to demonstrate “a systematic, risk-based approach to internal controls assurance”.
The G2 for Cobalt was based on an interim judgement, awaiting an IDA following their demerger. Cobalt have to embed their current direction and await an IDA.