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Year: 2022
Date: 3 November, 2022
Offence Group: consumer-protection-related offences
Offence Type: consumer protection violation
Violation Description: Regulatory Notice served. The regulator has concluded that: Highstone Housing Association Limited (Highstone) is non-compliant with the Governance and Financial Viability Standard and the Rent Standard. Highstone has failed to ensure that its governance arrangements comply with its governing documents and all regulatory requirements, safeguard taxpayers' interests and the reputation of the sector and have an effective risk management and internal controls assurance framework. Highstone has failed to demonstrate that it complies with an appropriate code of governance and that it has managed its affairs with an appropriate degree of skill, independence, diligence, effectiveness, prudence and foresight. It has also failed to ensure that it has an appropriate, robust and prudent business planning, risk and control framework. Highstone failed to ensure that any arrangements it enters into do not inappropriately advance the interests of third parties, or are arrangements that the regulator could reasonably assume were for such purposes. Highstone has failed to assess, manage and address risks to ensure the long-term viability of the registered provider, including ensuring social assets are protected by carrying out detailed and robust stress testing and before taking on new liabilities, ensuring it understands and manages the likely impact on current and future business and regulatory compliance. Highstone has failed to provide assurance that its stock is correctly classified and that the rent levels have been set in compliance with the Rent Standard.
Agency: Regulator of Social Housing
Source of Data: (click here)