Why we are engaging with Fife Housing Association Ltd (Fife)
We are engaging with Fife about its governance and its development plans.
We are engaging with Fife over its handling of conflicts of interest.
Fife has plans to grow through a programme of new homes for social rent and will receive significant public subsidy to help achieve this.
What Fife must do
Fife must:
- send us by 30 April 2023:
- its approved business plan, report to Board on the business plan and its risk register; and
- evidence of how it demonstrates affordability for its tenants;
- provide us with information we require regarding its management of conflicts of interest;
- send us an update on its development programme by 31 October 2023. This will include its latest report to the governing body/appropriate committee 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:
- meet with Fife’s senior staff to discuss the business plan and risks to the organisation;
- engage with Fife as appropriate regarding its management of conflicts of interest;
- review the development update and engage as necessary; and
- update our published engagement plan in the light of any material change to our planned engagement with Fife.
Regulatory returns
Fife 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.