Why we are engaging with Yoker
We are engaging with Yoker about its governance.
COVID-19 has significantly impacted the services provided by social landlords in 2020 and will continue to influence how services are provided in 2021. We will continue to monitor, assess and report upon how each landlord is responding and we will keep our regulatory engagement under review so that we can continue to respond to the challenges of COVID-19.
We have been engaging with Yoker about the steps it was taking to address a number of weaknesses which had been identified in its governance and to ensure that it is complying with the Regulatory Standards of Governance and Financial Management (the Regulatory Standards). It has developed a plan for delivering improvements to its governance.
Yoker is implementing the final elements of its improvement plan to maintain its compliance with the Regulatory Standards.
What Yoker must do
- implement the final elements of its improvement plan.
What we will do
- liaise with Yoker to monitor progress with its improvement plan; and
- update our published engagement plan in light of any material change to our planned engagement with Yoker.
Yoker 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.