Why we are engaging with Linstone Housing Association Ltd (Linstone)
We are engaging with Linstone about its governance.
Linstone commissioned an independent review of its compliance with the Standards of Governance and Financial Management (the Standards) in April 2022. The review concluded in October 2022 that whilst compliant with the Standards, apart from its tenant and resident safety duties, Linstone required to implement significant improvements to its governance arrangements. Linstone developed a comprehensive governance improvement programme and engaged openly and constructively with us about this. Linstone has made good progress in implementing the programme, with most actions now complete and full completion planned for June 2024.
Linstone also put in place immediate plans to address the areas of non-compliance with its tenant and resident safety duties and confirmed its compliance with these duties in April 2023. Linstone also put in place longer term plans to review its asset management strategy and has made good progress with this.
What Linstone must do
Linstone must send us quarterly updates on progress with the completion of its governance improvement programme and confirm when this is complete.
What we will do
We will:
- review the updates on progress with Linstone’s governance improvement programme and engage as necessary; and
- update our published engagement plan in light of any material change to our planned engagement with Linstone.
Regulatory returns
Linstone 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.