We have been engaging with Reidvale to seek assurance about delivery of improvements in its governance, financial management and stock quality.
We initially engaged with Reidvale in March 2019 as our annual risk assessment had identified that a majority of board members had been in place for more than nine years. Following our engagement, Reidvale commissioned an independent review of its compliance with the Standards of Governance and Financial Management (the Standards). This review, completed in September 2019, found that there were a substantial number of areas where Reidvale was non-compliant with the Standards. We changed Reidvale’s regulatory status to reflect its non-compliance.
Since then, we have engaged with Reidvale to seek assurance about the delivery of its plans to ensure it could comply with regulatory requirements including the Standards. Through further co-options Reidvale made further substantial changes to the membership of the management committee.
In its most recent Annual Assurance Statement submitted in October 2025, Reidvale confirmed it is now compliant with the Standards and that it had identified some areas of partial compliance which it was working to resolve.
We carried out a review of Reidvale’s compliance with regulatory requirements including the Standards. We found that Reidvale has carried out extensive work to update its governance and financial management frameworks and address issues relating to its staff salaries and its organisational structure. Reidvale has also carried out further stock condition surveys and now understands the condition of its homes. The stock condition surveys identified significant problems with its pre-1919 tenemental properties which present safety risks to tenants and residents and financial risks for Reidvale. It has put in place a protocol to monitor the condition of its stonework to support it to manage the safety risks and has developed costed plans to repair the stonework and deliver other improvements to its homes. The stonework will require an extensive programme of improvements over a significant number of years. Reidvale has developed a business plan, asset management strategy and financial projections and has put in place a robust performance management framework to ensure it has oversight of the delivery of its strategic plans.
The improvement work carried out by Reidvale has positively transformed the organisation. The leadership team and the governing body, with external expert support, have worked intensively to address the organisation’s extensive and significant weaknesses and their work has delivered substantial improvements and addressed the areas of non-compliance.
Our assessment is that Reidvale is now compliant with regulatory requirements including the Standards.
As set out above, Reidvale has a number of improvements which it will have to continue to make to address the remaining areas of weakness in its governance and financial management.
It is also taking forward the programme of work to address its stonework problems which it will require to monitor closely.
Reidvale has an interim senior officer in place and plans to recruit a permanent senior officer. Reidvale also has a number of governing body members who were recruited to support it to address its non-compliance.
We will engage with Reidvale to seek assurance about the delivery of the remainder of its governance and financial management action plan, its stonework programme, to receive updates on its appointment of a permanent senior officer and to understand its governing body succession plans.
Reidvale is engaging openly and constructively with us.
What Reidvale must do
Reidvale must:
- provide us with monthly updates on delivery of its governance and financial management improvement plan to address the remaining weaknesses in its governance and financial management;
- provide us with quarterly updates about its progress in addressing the safety of its stonework;
- keep us informed about its plans to recruit a permanent senior officer; and
- provide us with the information we require about its governing body succession plans.
What we will do
We will:
- consider the updates on progress with the governance and financial management improvement plan and engage as necessary;
- consider the updates Reidvale provides us about its progress in addressing the safety of its stonework and engage as necessary;
- consider the updates on its plans to recruit to the senior officer role;
- consider the information on governing body succession planning and engage as necessary; and
- update our published engagement plan in the light of any material change to our planned engagement with Reidvale.
Regulatory Returns
Reidvale must provide us with the following annual regulatory returns and alerts 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.