Scottish Housing Regulator reduces engagement level at Wellhouse Housing Association
The Scottish Housing Regulator has today announced it is to reduce its engagement level at Wellhouse Housing Association from high to medium.
The Regulator has been engaging intensively with Wellhouse since December 2014 when it identified serious weaknesses in Wellhouse’s governance and financial management and used its statutory powers to appoint a manager to Wellhouse under Section 58 of the Housing (Scotland) Act 2010.
Since then the governing body has worked openly and constructively to implement the necessary improvements to ensure that Wellhouse meets the Regulatory Standards of Governance and Financial Management.
Due to these improvements, the Regulator decided to end its statutory intervention in November 2016.
A period of engagement then followed as Wellhouse it managed an on-going period of change, including completing its staff restructure, improving its risk management and embedding the new leadership and culture.
Following this progress, the Regulator has downgraded its involvement with Wellhouse from high to medium.
In a Regulation Plan published today, the Regulator states: “We have now reviewed Wellhouse’s progress with this work and it has provided us with further assurance about the improvements that it is continuing to make. Wellhouse has given us additional evidence that shows it now complies with Regulatory Standards. As part of our engagement with Wellhouse, we also reviewed its business plan and financial projections.
“Wellhouse is currently developing an asset management strategy which will further strengthen its business plan. It also plans to carry out its next regular assessment of its governance against our Regulatory Standards.
“Wellhouse continues to work to embed the improvement actions it has taken.”
Responding to the announcement, Wellhouse Housing Association chair, Maureen Morris, told Scottish Housing News: “We very much welcome the reduction in our engagement level. It’s been a long journey so far and we would like to thank the Scottish Housing Regulator for their support and direction in helping us put things right.
“The management committee have worked exceptionally hard over the last three years on behalf of all Wellhouse residents to truly make it the place to be.
“We will continue on the journey by introducing operational improvements and completing a second self assessment against the regulatory standards.”