Engagement plan from 31 March 2022 to 31 March 2023

Landlord name

Milnbank Housing Association Ltd

Publication date

31 March 2022

Regulatory status

Compliant (under review)

We have identified or received information that means we are reviewing the regulatory status of the RSL. We will update the regulatory status as soon as this review is complete.

Why we are engaging with Milnbank

We are engaging with Milnbank about its governance, financial management and stock quality.

Since 2017, we have been engaging with Milnbank regarding its governance and financial management.  Milnbank has undertaken a range of actions including carrying out a review of compliance with the Regulatory Standards of Governance and Financial Management and putting in place a Governance and Financial Management Review Action Plan (Action Plan).  Milnbank has kept us up to date with progress in addressing the matters identified in its Action Plan and has advised us that all actions have now been completed.

Following the review of compliance with the Regulatory Standards of Governance and Financial Management Milnbank developed a new Business Plan. We reviewed the Business Plan and we have been engaging with it to gain assurance about its approach to financial planning and asset management.

We have also sought assurance from Milnbank regarding its compliance with regulatory guidance on Notifiable Events and its handling of specific payments and benefits issues.  We engaged with Milnbank regarding the assurances we required and are considering its responses.

What Milnbank must do

In order to allow us to complete our review of its regulatory status Milnbank must:

  • provide us with any further information we require regarding its approach to financial planning and asset management; and
  • provide us with any further information we require regarding its compliance with regulatory guidance on Notifiable Events and its handling of payments and benefits issues.

What we will do

 To allow us to consider our review of its regulatory status we will:

  • consider Milnbank’s responses to the issues we have raised regarding its financial planning and asset management;
  • consider Milnbank’s responses to the issues we have raised regarding its compliance with regulatory guidance on Notifiable Events and its handling of payments and benefits issues; and
  • update Milnbank’s regulatory status when we have completed our inquiries.

Regulatory returns

Milnbank 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 Milnbank Housing Association Ltd is:

Paul Milligan

Regulation Manager

Buchanan House
58 Port Dundas Road
Glasgow
G4 0HF

0141 242 5869