Why we are engaging with North View
We are engaging with North View about its governance.
North View identified weaknesses in the management of its services to factored owners in June 2021. North View is progressing an improvement plan to address these issues.
North View failed to notify us about this issue in accordance with regulatory guidance on Notifiable Events.
North View is engaging openly and constructively with us as it develops and implements its plans to address the weaknesses in its factoring service and in its handling of the Notifiable Event. North View has already reviewed its approach to Notifiable Events and has implemented improvement actions as a result of this. North View’s committee has decided to commission an independent governance review which will assess North View’s compliance against the Regulatory Standards of Governance and Financial Management (the Regulatory Standards), which will include compliance with our regulatory guidance on Notifiable Events. We are engaging with North View as it progresses the improvement plan and the governance review.
What North View must do
North View must:
- provide monthly updates on progress with the implementation of its factoring services improvement plan; and
- provide monthly updates on progress with the independent review of its governance and compliance with the Regulatory Standards.
What we will do
- review the factoring service improvement plan updates and engage as necessary;
- review North View’s progress with the independent review of its governance and compliance with the Regulatory Standards and engage as necessary; and
- update our published engagement plan in light of any material change to our planned engagement with North View.
North View 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.