Why we are engaging with River Clyde Homes
We are engaging with River Clyde Homes about its service quality, stock quality, tenant and resident safety and because it is a systemically important landlord.
We refer to a small number of RSLs as systemically important because of their stock size, turnover or level of debt or because of their significance within their area of operation. We need to maintain a comprehensive understanding of how their business models operate, and how they manage the risks they face and the impact these may have. So we seek some additional assurance each year through our engagement plans. Given a combination of River Clyde Homes’ size, turnover and level of debt we consider it to be systemically important.
To assess the risk to social landlords we have reviewed and compared the 2024/25 service quality performance of all social landlords to identify the weakest performing landlords. We will engage with River Clyde Homes because the average time it takes to re-let homes is one of the highest of all social landlords.
River Clyde Homes has identified reinforced autoclaved aerated concrete (RAAC) affecting 43 of its homes. We are seeking assurance that River Clyde Homes has a plan to manage any associated risks and that it has a long-term strategy in place to manage the RAAC in its homes.
In late 2025 River Clyde Homes commissioned an independent review to obtain its own assurance over its compliance with its tenant and resident safety obligations. We are currently considering the report from this independent review.
What River Clyde Homes must do
River Clyde Homes must:
-
send us copies of its Board and audit committee minutes as they become available;
-
send us by 30 April 2026
-
-
its approved business plan and updated risk register;
-
-
-
the report(s) to the governing body about the plan and approach to risk management and mitigation; and
-
-
-
evidence of how it demonstrates affordability for its tenants.
-
-
improve its re-let time performance and tell us when it has delivered the necessary improvements;
-
keep us updated on how it is managing the risks associated with RAAC and its long-term strategy for managing the RAAC in its homes; and
-
send us any further information we require about the independent review of its compliance with tenant and resident safety obligations.
What we will do
We will:
-
review the minutes of the Board and audit committee meetings and liaise as necessary;
-
observe River Clyde Homes’ Board;
-
review the business plan and supporting information;
-
meet with River Clyde Homes’ senior staff and Chair to discuss its business plan, supporting information and any risks to the organisation;
-
review the information that River Clyde Homes provides about its improvements to its re-let time performance and engage as necessary;
-
review the updates River Clyde Homes provides about RAAC in its homes and engage as necessary;
-
review the independent report on River Clyde’s Homes’ compliance with its tenant and resident safety obligations; and
-
update our published engagement plan in the light of any material change to our planned engagement with River Clyde Homes.
Regulatory Returns
River Clyde Homes 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.