We assessed in September 2023 that Lochalsh and Skye did not meet regulatory requirements including the Standards of Governance and Financial Management (the Standards). Lochalsh and Skye has worked openly and constructively with us to deliver the necessary improvements to achieve compliance. It has completed this work and provided us with assurance that it is now meeting regulatory requirements including the Standards.
We therefore do not require any further assurance from Lochalsh and Skye other than the annual regulatory returns required from all RSLs.
Regulatory Returns
Lochalsh and Skye must provide us with the following annual regulatory returns and alert us to notifiable events as appropriate:
- Annual Assurance Statement;
- audited financial statements and external auditor’s management letter;
- loan portfolio return;
- five year financial projections; and
- Annual Return on the Charter.
It should also notify us of any material changes to its Annual Assurance Statement, and any tenant and resident safety matter which has been reported to or is being investigated by the Health and Safety Executive or reports from regulatory or statutory authorities or insurance providers, relating to safety concerns.