Why we are engaging with Parkhead Housing Association Ltd (Parkhead)
We are engaging with Parkhead about its governance.
Parkhead identified weaknesses in its governance following an independent investigation. It commissioned an independent review of its compliance with the Regulatory Standards of Governance and Financial Management. Parkhead accepted the recommendations from this review and developed an improvement plan to implement these. Parkhead has made significant progress in completing its improvement plan and is continuing to work openly and constructively with us as it takes the remaining work forward.
What Parkhead must do
Parkhead must provide us with bi-monthly progress updates on the implementation of its improvement plan.
What we will do
- liaise with Parkhead to monitor progress with the implementation of its improvement plan; and
- update our published engagement plan in light of any material change to our planned engagement with Parkhead.
Parkhead 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.