RSH issues regulatory notice for South Yorkshire Housing Association Limited

Article summary

The Regulator of Social Housing (RSH) has reported that South Yorkshire Housing Association Limited (SYHA) has been downgraded to V3/G3 status as a result of breaches of the economic standards. The breaches are in relation to both governance and financial viability, as an investigation by the RSH found that SYHA’s board has not been managing the organisation well, and that the internal controls framework was weak. The financial governance of the organisation had also been impacted, as SYHA’s covenant compliance was found to have been miscalculated over a number of years, resulting in actual and forecast covenant breaches with one of its funders. SYHA will be working with the RSH going forward to strengthen its financial capacity and improve its governance arrangements.