Response to regulatory downgrade

Response to regulatory downgrade Image

The Regulator of Social Housing has downgraded its previously published judgement of Ongo Homes’ governance to a G3 grade.

In response, Matthew Spittles, chair of Ongo Homes, said:

“We accept the reason why the regulator has taken its decision and undertake to carry out a comprehensive review of our governance.

“We recognise that the decision to agree a pension settlement to a departing executive did not uphold the high standards expected of the social housing sector and that Ongo Homes’ board members should have identified, and managed, the risks associated with this.

“On realising this, we voluntarily referred the matter to the regulator.

“Most importantly, we want to reassure our tenants and our stakeholders that this will not impact on the quality of services and support we provide to them.

“It is important to stress the regulator’s assessment of Ongo Homes’ compliance with financial viability remains at V1. This means we remain financially secure and are adequately funded to deliver our business plan.”