Engagement plan from 21 September 2023 to 31 March 2024

Landlord name

Clyde Valley Housing Association Ltd

Publication date

21 September 2023

Regulatory status


The RSL meets regulatory requirements, including the Standards of Governance and Financial Management.

Why we are engaging with Clyde Valley Housing Association Ltd (Clyde Valley)

We are engaging with Clyde Valley about its development plans and because it is a systemically important landlord.

We refer to a small number of RSLs as systemically important because of their stock size, turnover or level of debt or because of their significance within their area of operation.  We need to maintain a comprehensive understanding of how their business models operate, and how they manage the risks they face and the impact these may have.  So, we seek some additional assurance each year through our engagement plans.  Given Clyde Valley’s level of debt we consider it to be systemically important.

We put Clyde Valley’s regulatory status under review in February 2022 and sought assurance about weaknesses it identified in its tenant and resident safety.  It also subsequently notified us in November 2022 of a breach of procurement legislation. Clyde Valley provided us with the appropriate assurances on its compliance with tenant and resident safety. After notifying us of the breach of procurement legislation, Clyde Valley carried out an independent review of the procurement breach and put in place an action plan to address the findings. Clyde Valley has now confirmed it is fully compliant with the Regulatory Standards of Governance and Financial Management, its statutory obligations and it is completing the remaining parts of its action plan.  

Clyde Valley has plans to grow through a programme of new homes for social rent and will receive significant public subsidy to help achieve this.

We are engaging with Clyde Valley as it addresses issues in three of its new build developments which may result in a substantial increase in costs.

What Clyde Valley must do

Clyde Valley must:

  • provide copies of its Board and audit committee minutes as they become available;
  • continue to provide us with the information we have requested about the new build development issues and keep us informed on its plans to address these;
  • send us an update on its development programme by 31 October 2023. This will include its latest report to the governing body about development and details of the scale and tenure mix, timescales for delivery and any material delays or changes to the programme; and   
  • tell us if there are any material adverse changes to its development plans which might affect its financial position or reputation, in line with our notifiable events guidance.

What we will do

We will:

  • review the minutes of the Board and audit committee meetings and liaise as necessary;
  • observe at a Board meeting;
  • review the business plan and financial projections which was submitted to us in April;
  • meet with Clyde Valley’s senior staff to discuss the business plan, the financial information and any risks to the organisation;
  • review the information about the development issues and engage as appropriate; and
  • review the development update and engage as appropriate.

Regulatory returns

Clyde Valley 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.

Our lead officer for Clyde Valley Housing Association Ltd is:

Joyce Stewart

Regulation Manager