Why we are engaging with Clydebank Housing Association Ltd (Clydebank)
We are engaging with Clydebank about its governance.
In January 2024, we engaged with Clydebank to clarify the status of some of its governing body members. Our review of Clydebank’s governing body meeting minutes raised concerns about Clydebank’s compliance with the Regulatory Standards of Governance and Financial Management (the Standards). The concerns relate to Regulatory Standard one; specifically appointing governing body members in compliance with its constitution, and Regulatory Standard six; specifically that the governing body and senior officers have the skills and knowledge they need to be effective.
Clydebank did not initially understand our concerns, including the potential wider implications of governing body members not being properly appointed. Because of this, we asked Clydebank to seek independent, expert advice to provide us with assurance about its compliance with its constitution. Clydebank has commissioned an independent review of its governing body member appointments.
Clydebank is working openly with us to address these issues.
What Clydebank must do
In order to allow us to complete our review of its regulatory status Clydebank must:
- send us a copy of the final report from the independent review; and
- provide us with its proposals to address any recommendations from the independent review.
What we will do
To allow us to complete our review of Clydebank’s regulatory status we will:
- review the report from the independent review and engage as necessary;
- review Clydebank’s proposals to address any recommendations from the independent review and engage as necessary; and
- update Clydebank’s regulatory status when we have completed our enquiries.
Regulatory returns
Clydebank 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.