We’ve returned to a compliant governance rating

We’ve been successful in returning to a compliant G2 governance rating following an assessment by the Regulator of Social Housing.

The regulator now has the assurance that following a downgrade in February 2019 that we have reviewed and strengthened our governance arrangements. They are confident that we now meet the requirements expected of a registered provider resulting in a G2 rating being granted. 

Following our downgrade, we have worked through a detailed improvement plan which has included refreshing our Board membership, creating a common board across our group, and fully reviewing our risk management framework.

Bob Walder, Chair of our Ongo Group Common Board, said: “We are obviously very pleased to hear today’s announcement and the upgrade to a G2 rating reflects the teamwork and effort over the last 18 months by everyone concerned.  We will of course remain focussed on our tenants and communities as we go forward and we hope to re-attain the highest G1 rating in due course”.

Steve Hepworth, our Chief Executive, said: “We’re pleased that the Regulator is satisfied that we have fully addressed the areas of non-compliance and that we have retained the highest rating of V1 for our financial viability. 

“We are working hard across the Ongo group to support our tenants and residents as they cope with the effects of the Coronavirus pandemic and having appropriate governance arrangements will help us continue to provide quality homes and a great landlord service.”

We’ve maintained a V1 standard, which is the highest possible rating, for our financial viability. Following a check, the regulator is still satisfied that this is the most appropriate grading. This standard is to show how we have the financial capacity to deal with a wide range of adverse scenarios.